Homework: Audit Reports Paper
Referencing the textbook (Auditing: A Risk-based Approach, 11th edition) and the readings, write a three to five page double-spaced report discussing:
I. The different types of audit reports that can be issued explaining the form and content and why they are issued:
i. Standard unqualified (unmodified) audit reports on financial statements and when it is issued, an unqualified report with explanatory language describing a justified departure from U.S. GAAP, an unqualified report with substantial doubt about the client being a going concern, and an unqualified report with emphasis of important matter.
ii. Qualified opinion reports.
iii. Adverse opinion reports.
iv. Disclaimer of opinion reports.
II. Does this mean that publicly traded companies always "do things right" and what are the implications of a qualified or an adverse opinion for a publicly traded company? Do non-public entities receive opinions other than unqualified?
III. Paraphrase the opinion paragraph for an unqualified, qualified, adverse, and disclaimer of opinion report.
Format your homework according to the following formatting requirements:
i) The answer should be typed, using Times New Roman font (size 12), double spaced, with one-inch margins on all sides.
ii) The response also includes a cover page containing the title of the homework, the student's name, the course title, and the date. The cover page is not included in the required page length.
iii) Also include a reference page. The Citations and references must follow APA format. The reference page is not included in the required page length.