Audit Reports - Clarified SAS Flashcards
What is Management Responsible for in regards to the Financial Statements?
Preparation and Fair Presentation of Financial Statements in accordance with the Applicable Financial Reporting Framework
What is Management Responsible for in regards to Internal Control?
Internal Control Design, Implementation, Maintenance
What are the 4 paragraphs in the Audit Report for an Unmodified Opinion?
Introduction
Management’s Responsibility for the F/S
Auditor’s Responsibility
Opinion
What are the 5 paragraphs in the Audit Report for an Modified Opinion?
Introduction
Management’s Responsibility for F/S
Auditor’s Responsibility
Basis for (Modified) Opinion
(Modified) Opinion
In an Unmodified Opinion with Emphasis-of-Matter / Other-Matter sections, what is the order of the paragraphs?
Introduction
Management’s Responsibility for the F/S
Auditor’s Responsibility
Opinion
Emphasis-of-Matter
Other-Matter