Audit Reports - Public

Question 1

3 Paragraphs in Report

Answer 1

Intro, Scope, Opinion

Question 2

1- Intro

Answer 2

indicates audit was performed and F/S were audited, also mentions MGMT’s responsibility and Auditor’s Responsibility

Question 3

Title

Answer 3

Report of Independent Registered Public Accounting Firm

Question 4

2 - Scope

Answer 4

indicates auditor’s responsibility to provide reasonable assurance, auditing done on test basis, does not talk about GAAS - talks about PCAOB standards, define audit

Question 5

3- Opinion

Answer 5

similar to opinion paragraph in non-public, mentions GAAP

Question 6

4- Added paragraph on Internal Control

Answer 6

COSO Framework of Treadway Commission, separate report is more common

Question 7

Separate Report on Internal Control

Answer 7

Intro (highlights MGMT responsibility, refer to framework), Scope, Definition, Inherent Limitations, Opinion(refer to framework), Cross Reference