TABLE OF CONTENTS Title page: - - - - - - - - - - - - - - - - - - - - - - - 1 Table of contents: - - - - - - - - - - - - - - - - - - - - 2 Introduction: - - - - - - - - - - - - - - - - - - - - - - 3 MAIN BODY 1. What is the Standard Audit Report SAR?

2. What is the purpose of SAR? - - - - - - - - - 4 - - - - - - - - - - - - - - 5

3. What is the usefulness of Standard Audit Report? - - - - - - - 5 4. Who needs the Standard Audit Report? - - - - - - - - - - - 6 5. Why needs the Standard Audit Report? - - - - - - - - - - - 7 6. Advantages of the Standard Audit Report - - - - - - - - - - 7 7. Disadvantages of the Standard Audit Report - - - - - - - - - 8 8. Required to change of the Standard Audit Report? - - - - - - - 9 CONCLUSION - - - - - - - - - - - - - - - - - - - - 9

REFERENCE LIST Appendix I Appendix II (Word Count) ATTACHED MARK SHEET

Introduction of this paper: The topic of this paper is considering of what is the purpose and usefulness of the Standard Audit Report (SAR). According to What do investors want from the Standard Audit Report? (Joseph, V.C., 2012, p.22) There will be focused on several arrears that (i) What is the SAR? (ii) What is the purpose of SAR? (iii) What is the usefulness of the SAR? (iv) Who will use the SAR? (v) Why they need the SAR? According to the above arrears, the current SAR should be required to change the form for fulfill to all of the users and the preparer. There is a question may asked by the users and the preparer that are there any advantages and disadvantages of the SAR, if used. Is it necessary to use of the SAR?

What is the Standard Audit Report SAR? The Standard Audit Report SAR which has several reports formats. The auditor will use the standard wording for prepare a standard unqualified, qualified, disclaimer report and adverse report and provide to the interested parties. The auditor will use the same contains and format to prepare the report which is called the Standard Audit Report SAR. The report contains of the SAR included paragraphs are (i) The introductory which mentioned the name of company audited, the year of financial statement and different of responsibility for the management and the audit. (ii) The scope which for the auditor to perform the audit is accordance with the Standard on Audit or Generally accepted accounting principles GAAP and which also explains that the auditor according to the nature and the limitations of the audited company (for non-public company and public company) and the auditor will expressing his opinion basis on the sufficient evidence of the financial statement. (iii) The opinion which was the auditors opinion that the financial statements of the audited company is present in true and fair and free from the material misstatement. For those qualified audited report does not accept and filed in the SEC. In this situation, the filed audited report should be shown in clean normally. However, the limited information may be exited when the user need to relied on the report to make decision. The limited informational (Joseph, V.C., 2012, p.23)