Chapter 11

AUDITING
A RISK-BASED APPROACH TO
CONDUCTING A QUALITY AUDIT
9th Edition
Karla M. Johnstone | Audrey A. Gramling | Larry E. Rittenberg
CHAPTER 15
AUDIT REPORTS ON FINANCIAL
STATEMENTS
Copyright 2014 South-Western/Cengage Learning
LEARNING OBJECTIVES
1.
2.
3.
Identify and describe the principles underlying audit

reporting on financial statements
Describe the information that is included in a
standard unqualified audit report on financial
statements and list the requirements for issuing a
standard unqualified report on financial statements
Describe financial statement audits requiring an
unqualified report with explanatory language and
identify the appropriate audit report modifications
15-2
LEARNING OBJECTIVES
4.
5.
6.
Describe financial statement audits requiring a

qualified report and identify the appropriate audit
report modifications
Describe financial statement audits requiring an
adverse report and identify the appropriate audit
report modifications
Describe financial statement audits requiring a
disclaimer of opinion and identify the
communication the auditor is required to provide
15-3
LEARNING OBJECTIVES
7.
8.
Assess various reporting situations requiring other

than a standard unqualified report and determine
the appropriate audit report that should be issued
Describe the information that is included in a
standard unqualified audit report on internal
control over financial reporting and identify the
appropriate audit report modifications for
situations requiring other than an unqualified
report on internal control over financial reporting
15-4
LEARNING OBJECTIVES
9.
Apply the frameworks for professional decision

making and ethical decision making to issues
involving audit reporting situations
15-5
THE AUDIT OPINION FORMULATION

PROCESS
15-6
PROFESSIONAL JUDGMENT IN CONTEXT - INVESTORS,

AUDITORS, AND STANDARD SETTERS DEBATE CHANGES
IN AUDIT REPORTS
Changes to the standard unqualified audit report
that are being debated by auditing standard setters
and investors
Addition of auditor commentary on matters significant
to users understanding of the audited financial
statements
More frequent use of Emphasis of Matter paragraphs
Disclosure of which engagement partner at the firm
supervised the audit and who from outside the audit
firm participated in the audit
15-7

IN AUDIT REPORTS
The Public Company Accounting Oversight Board
(PCAOB) and the International Auditing and
Assurance Standards Board (IAASB) have indicated
that they will issue proposed standards on the
auditor reporting model that may address some of
these additional disclosures
15-8

IN AUDIT REPORTS
What information is currently included in the standard
unqualified audit report? (LO 2)
How does the standard unqualified audit report issued
for U.S. public companies differ from the standard report
issued in other parts of the world or for U.S. nonpublic
companies? (LO 2)
What types of additional information could be included
in the standard unqualified audit report? (LO 2)
What circumstances require a deviation from the
standard unqualified audit report? (LO 3, 4, 5, 6)
15-9
LEARNING OBJECTIVE 1
IDENTIFY AND DESCRIBE THE PRINCIPLES

UNDERLYING AUDIT REPORTING ON FINANCIAL
STATEMENTS
PRINCIPLES UNDERLYING AUDIT

REPORTING
The American Institute of Certified Public
Accountants (AICPA) first and seventh principles
governing an audit conducted in accordance with
generally accepted auditing standards (GAAS)
describe the principles underlying audit reporting
These principles require auditors to either:
Express an unqualified opinion on the entire set of
financial statements and related footnotes, or
State the reasons that such an opinion cannot be
expressed
15-11
PRINCIPLES UNDERLYING AUDIT

REPORTING
If there is a material deviation from generally
accepted accounting principles (GAAP):
Auditor should explicitly state the nature of the
deviation and the dollar effects so that a user can
appropriately modify the financial statements
15-12
DESCRIBE THE INFORMATION THAT IS INCLUDED IN A
STANDARD UNQUALIFIED AUDIT REPORT ON FINANCIAL
STATEMENTS AND LIST THE REQUIREMENTS FOR ISSUING A
STANDARD UNQUALIFIED REPORT ON FINANCIAL STATEMENTS
STANDARD UNQUALIFIED AUDIT

REPORTS - U.S. PUBLIC COMPANIES
Designed to promote clear communication between
auditor and financial statement user by delineating:
Introductory paragraph
Scope paragraph
Opinion paragraph
15-14
STANDARD UNQUALIFIED AUDIT

REPORTS - U.S. PUBLIC COMPANIES
If a combined report on the financial statements and
internal controls, two additional paragraphs are
included
Definition paragraph - Defines what is meant by
internal control over financial reporting
Inherent limitations paragraph - Discusses why internal
control may not prevent or detect misstatements
15-15
OTHER IMPORTANT COMPONENTS OF

AN AUDIT REPORT
Title
Includes the word independent
Addressee
Board of directors or shareholders of the organization for public companies
Varies depending on the circumstances of the engagement
Audit report date

No earlier than the date on which the auditor has obtained sufficient
appropriate evidence to support the opinion
Signature of audit firm

City/state from which the auditors report has been issued
15-16
EXHIBIT 15.2 - SEC REPORTING

REQUIREMENTS
15-17
REQUIREMENTS FOR A STANDARD UNQUALIFIED AUDIT

REPORT ON THE FINANCIAL STATEMENTS FOR U.S.
PUBLIC COMPANIES
There should be no material violations of GAAP
Disclosures should be adequate
Auditor should be able to perform all of the necessary
procedures
There should be no change in accounting principles
that had a material effect on the financial statements
The auditor should not have significant doubt about
the client remaining a going concern
The auditor should be independent
15-18
MODIFICATION OF THE STANDARD

UNQUALIFIED REPORT
When the conditions are not present, auditor should
modify the standard unqualified report
Options include:
Issue an unqualified opinion with explanatory language

Qualify the audit opinion
Issue an adverse opinion
Issue a disclaimer
15-19
STANDARD UNQUALIFIED AUDIT REPORTS U.S. NONPUBLIC COMPANIES

Introductory paragraph - What was audited
Managements responsibility paragraph Responsibilities of client management
Scope paragraph - Responsibilities of the auditor and
the nature of the audit process
Opinion paragraph - Auditors opinion on the
fairness of the financial statements
For some engagements, financial statements might
be audited in accordance with multiple auditing
standards
15-20
NON-U.S. COMPANIES
Auditors refer to ISA 700 for guidance
Consistent with the AICPAs AU-C 700 with a few
terminology differences
True and fair view - Used in ISA 700; is not used in the
United States auditing standards
Present fairly, in all material respects - GAAS
continues to require the use of the term
15-21
DESCRIBE FINANCIAL STATEMENT AUDITS

REQUIRING AN UNQUALIFIED REPORT WITH
EXPLANATORY LANGUAGE AND IDENTIFY THE
APPROPRIATE AUDIT REPORT MODIFICATIONS
UNQUALIFIED AUDIT REPORTS WITH

EXPLANATORY LANGUAGE
Used to explain:
Justified departure from GAAP
Inconsistent application of GAAP
Substantial doubt about client being a going concern
Emphasis of some matter, such as unusually important
subsequent events, risks, or uncertainties associated
with contingencies or significant estimates
Reference to other auditors
15-23
EXPLANATORY LANGUAGE - JUSTIFIED

DEPARTURE FROM GAAP
Rule 203 of the AICPA Code of Professional Conduct
permits auditor to issue an unqualified opinion when
there has been a material departure from GAAP
Only if the client can demonstrate, and auditor agrees,
that due to unusual circumstances, the financial
statements would have been misleading had GAAP
been followed
15-24
EXPLANATORY LANGUAGE - JUSTIFIED

DEPARTURE FROM GAAP
Auditor should add:
An informational paragraph either before or after the
opinion paragraph to describe the departure from
GAAP
Its approximate effects
Reasons for which compliance with GAAP would result
in misleading statements
15-25
EXHIBIT 15.3 - EXAMPLE OF POSSIBLE AUDIT REPORT

LANGUAGE DESCRIBING A JUSTIFIED DEPARTURE FROM
GAAP
15-26
EXPLANATORY LANGUAGE INCONSISTENT APPLICATION OF GAAP

Change in accounting principles
From one GAAP to another - FIFO to LIFO
From non-GAAP to GAAP - Cash basis to accrual basis
Both changes would require auditor to add an

explanatory paragraph to the audit report
15-27

Changes in accounting estimates and accounting for
new transactions are not considered changes in
accounting principles
Change in estimate affected by an accounting
principle requires an explanatory language in the
audit report
AS 6 requires an additional paragraph for the
correction of an error not involving an accounting
principle for public companies
15-28

The explanatory paragraph serves as a flag directing the
users attention to the relevant footnote disclosure if
client has:
Changed an accounting principle
Reasonable justification for the change
Followed GAAP in accounting for and disclosing this
change
15-29
EXPLANATORY LANGUAGE - SUBSTANTIAL DOUBT

ABOUT THE CLIENT BEING A GOING CONCERN
Explanatory paragraph should be clearly worded to
indicate:
Auditors substantial doubt about clients continuing
as a going concern
Reference to managements footnote(s) explaining the
problems and plans to overcome the problem
Auditor may not feel comfortable expressing any

opinion for some going-concern situations in which
client is experiencing severe financial distress
Would issue a disclaimer
15-30
EXPLANATORY LANGUAGE - EMPHASIS

OF A MATTER
Significant transactions with related entities
Important subsequent events, such as a board-ofdirector decision to divest a major segment of the
business
Important risks or uncertainties associated with
contingencies or significant estimates
15-31
EMPHASIS-OF-MATTER PARAGRAPHS AND OTHER-MATTER

PARAGRAPHS IN INDEPENDENT AUDITORS REPORT FOR
U.S. NONPUBLIC COMPANIES
Paragraph included:
In the auditors report that is required by GAAS, or
At the auditors discretion, and that refers to a matter
appropriately presented or disclosed in the financial
statements
This paragraph should be included immediately after the
opinion paragraph in the auditors report
Use the heading Emphasis of Matter or other
appropriate heading
15-32
EMPHASIS-OF-MATTER PARAGRAPHS AND OTHER-MATTER

PARAGRAPHS IN INDEPENDENT AUDITORS REPORT FOR
U.S. NONPUBLIC COMPANIES
A clear reference to:

The matter being emphasized should be included
Where relevant disclosures that fully describe the
matter can be found in the financial statements should
be included
Auditor should indicate that auditors opinion is not

modified with respect to the matter being
emphasized
15-33
EXPLANATORY LANGUAGE REFERENCE TO OTHER AUDITORS

The principal auditor (group engagement partner)
needs to decide whether to mention the other
auditor in the overall audit report
Care must be taken when relying on other auditors
reports
Principal auditor should have participated in the audit
at a sufficient level
Regardless of reference being made in auditors report
to the report of another auditor, principal auditor is
responsible for the overall opinion
15-34

If the principal audit firm chooses to mention the
other firm in the audit report
Wording of the standard report is modified
No additional paragraph is needed
Change appears in:

Introductory paragraph to indicate the shared
responsibility for the overall opinion
Scope and opinion paragraphs modified to reference
the other auditor
15-35

For nonpublic clients:
Extensive change would appear in the auditors
responsibility section
Opinion paragraph would include a reference to the
other auditor
If the other auditors report is qualified:

Principal auditor must consider whether the subject of
the qualification is of such nature and significance in
relation to the overall financial statements that it
would affect the overall opinion
15-36
EXHIBIT 15.6 - REPORTING REQUIREMENTS WHEN PART

OF AN AUDIT IS PERFORMED BY OTHER INDEPENDENT
AUDITORS
15-37

AUDITORS (CONT.)
15-38

AUDITORS (CONT.)
15-39
AUDITING IN PRACTICE - PROBLEMS WHEN SERVING AS

A PRINCIPAL AUDITOR: INSIGHTS FROM THE PCAOB
Many registered public accounting firms located in the
United States issue audit reports on financial statements
filed by issuers that have substantially all of their
operations outside of the U.S
Although it is not inappropriate, the Boards inspection
process suggests that some firms may not be conducting
audits in accordance with PCAOB standards
15-40
QUALIFIED REPORTS, ADVERSE

REPORTS, AND DISCLAIMERS
When the auditor alters the wording of the standard
unqualified report in a manner that affects the type
of opinion expressed, the report cannot be issued as
an unqualified opinion
Auditor will provide a modified opinion which
includes:
A qualified opinion
An adverse opinion, or
A disclaimer of opinion
15-41
AUDITING IN PRACTICE - LANGUAGE IN MODIFIED

REPORTS FOR U.S. NONPUBLIC COMPANIES
When an opinion on the financial statements is
modified, auditor should include a basis for
modification paragraph in the auditors report
It should provide a description of the matter giving rise
to the modification
Auditor should place this paragraph immediately
before the opinion paragraph and use a heading as
appropriate:
Basis for Qualified Opinion
Basis for Adverse Opinion
Basis for Disclaimer of Opinion
15-42
DESCRIBE FINANCIAL STATEMENT AUDITS REQUIRING A
QUALIFIED REPORT AND IDENTIFY THE APPROPRIATE
AUDIT REPORT MODIFICATIONS
QUALIFIED AUDIT REPORTS

Situations in which an auditor will issue a qualified
report
A material unjustified departure from GAAP that is not
pervasive
Inadequate disclosure that is not pervasive
A scope limitation such that the possible effects on the
financial statements of undetected misstatements, if
any, could be material but not pervasive
15-44
QUALIFIED REPORT - MATERIAL UNJUSTIFIED

DEPARTURE FROM GAAP THAT IS NOT PERVASIVE
Qualified opinion will be expressed if a client has a
departure from GAAP that can be isolated to one
item
Pervasive GAAP departures, affecting more than one
item, would result in an adverse opinion
Pervasive: Describes the effects or the possible effects
on the financial statements of misstatements that are
undetected due to an inability to obtain sufficient
appropriate audit evidence
15-45
QUALIFIED REPORT - INADEQUATE

DISCLOSURE
If client refuses to make appropriate disclosures,
auditor should:
Express a qualified or adverse opinion, depending on
pervasiveness of omitted disclosures
Provide the omitted information in the audit report, if
practicable
Explanatory paragraph - Should describe the nature

of the omitted disclosures
Opinion paragraph - Should be modified to describe
nature of qualification
15-46
EXHIBIT 15.7 - OPINION QUALIFICATION

BECAUSE OF INADEQUATE DISCLOSURE
15-47
QUALIFIED REPORT - SCOPE

LIMITATION
Restrictions on scope of audit, whether imposed by client
or by circumstances beyond the auditors or clients
control, may require auditor to qualify an opinion
In some situations circumstances may be such that a
disclaimer would be more appropriate
Circumstances that may limit the audit scope

Timing of the fieldwork
Inability to gather sufficient appropriate evidence

Inadequacy in the accounting records
15-48
DESCRIBE FINANCIAL STATEMENT AUDITS REQUIRING AN
ADVERSE REPORT AND IDENTIFY THE APPROPRIATE
AUDIT REPORT MODIFICATIONS
ADVERSE AUDIT REPORTS

Adverse report is appropriate when financial
statements contain:
Pervasive and material unjustified departure from
GAAP
Lack of important disclosures that is pervasive
When a significant number of items in the financial
statements violate GAAP
15-50
EXHIBIT 15.9 - EXAMPLE OF POSSIBLE AUDIT REPORT

LANGUAGE DESCRIBING A JUSTIFIED DEPARTURE FROM
GAAP
15-51
ADVERSE REPORT - LACK OF IMPORTANT

DISCLOSURES THAT IS PERVASIVE
Auditor can issue an adverse opinion if:
Clients financial statements have omitted disclosures,
such that
Financial statements taken as a whole are not presented
fairly in conformity with GAAP
15-52
DESCRIBE FINANCIAL STATEMENT AUDITS REQUIRING A
DISCLAIMER OF OPINION AND IDENTIFY THE
COMMUNICATION THE AUDITOR IS REQUIRED TO
PROVIDE
AUDIT REPORTS WITH A DISCLAIMER

OF OPINION
An auditor issues a disclaimer of opinion report
when:
Scope limitation exists
Substantial doubt exists about the client being a going
concern
There is lack of independence
15-54
DISCLAIMER - SCOPE LIMITATION

Scope limitations caused by circumstances are such
that it is not possible to form an opinion
Introductory paragraphs wording modified for a
scope limitation
Scope paragraph is omitted
Additional paragraph is inserted to describe the scope
limitation(s)
Last paragraph states that no opinion can be expressed
15-55
DISCLAIMER - SCOPE LIMITATION FOR

NON-U.S. COMPANIES
ISA 705 requires auditor to withdraw from audit
when auditor is unable to obtain sufficient
appropriate audit evidence because of a
management-imposed limitation, and
Auditor concludes that possible effects on financial
statements of undetected misstatements could be
both material and pervasive
15-56
DISCLAIMER - SCOPE LIMITATION FOR

NON-U.S. COMPANIES
ISA 705
U.S. Standards
Auditors required to withdraw

from audit
Auditors required to consider

withdrawal from the
engagement
If auditor concludes that possible

effects of undetected
misstatements could be both
material and pervasive
Auditor should consider whether

to withdraw or disclaim an
opinion on the financial
statements
15-57
DISCLAIMER - SUBSTANTIAL DOUBT ABOUT

THE CLIENT BEING A GOING CONCERN
Auditor may issue a disclaimer of opinion if there is a
substantial doubt about the client continuing as a
going concern
In such cases, auditor would believe that an
additional paragraph to an unqualified opinion is not
appropriate
15-58
DISCLAIMER - AUDITOR LACKING

INDEPENDENCE
When auditors lack independence with respect to a
client:
They cannot perform an audit in accordance with
professional auditing standards
They are precluded from expressing an opinion on the
financial statements
In such cases, a one-paragraph disclaimer should be

issued stating the lack of independence
Auditor omits the reasons for lack of independence
15-59
DISCLAIMER - AUDITOR LACKING

INDEPENDENCE
Report would have no title or salutation
Such a situation should rarely occur
It could happen when it is discovered late in the audit
that one of the auditors on the engagement had a
financial interest in the client
15-60
ASSESS VARIOUS REPORTING SITUATIONS REQUIRING
OTHER THAN A STANDARD UNQUALIFIED REPORT AND
DETERMINE THE APPROPRIATE AUDIT REPORT THAT
SHOULD BE ISSUED
COMPARISONS OF MODIFICATIONS TO THE

STANDARD UNQUALIFIED AUDIT REPORT
Deciding on the type of opinion is important
This is particularly true of the decisions based on:
Materiality level and pervasiveness of GAAP violations
Significance of scope limitations
Likelihood of the entity being a going concern
Issuing an inappropriate opinion can lead to legal

problems
Report decision often involves consultation
15-62
EXHIBIT 15.11 - SUMMARY OF AUDIT REPORT

MODIFICATIONS FOR U.S. PUBLIC COMPANIES
15-63
DESCRIBE THE INFORMATION THAT IS INCLUDED IN A STANDARD UNQUALIFIED
AUDIT REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND IDENTIFY
THE APPROPRIATE AUDIT REPORT MODIFICATIONS FOR SITUATIONS REQUIRING
OTHER THAN AN UNQUALIFIED REPORT ON INTERNAL CONTROL OVER FINANCIAL
REPORTING
AUDIT REPORTS ON INTERNAL CONTROL

OVER FINANCIAL REPORTING (ICFR)
Auditor evaluates identified control deficiencies
individually, and in aggregate, to assess material
weakness in ICFR
Auditor issues an:
Unqualified opinion when it is determined that there
are no material weaknesses in ICFR
Adverse opinion when it is determined that there is
one or more material weaknesses in ICFR
15-65

PCAOB AS 5 identifies situations in which the auditor
modifies audit report on ICFR effectiveness
Elements of managements annual report on internal
control are incomplete or improperly presented
There is a restriction on the scope of the engagement
Auditor decides to refer to the report of other auditors
as the basis, in part, for the auditors own report
15-66

There is other information contained in managements
annual report on ICFR
Managements annual certification pursuant to
section 302 of the Sarbanes-Oxley Act is misstated
15-67
ELEMENTS OF MANAGEMENTS ANNUAL REPORT ON

INTERNAL CONTROL ARE IMPROPERLY PRESENTED
If the managements report does not describe an
identified material weakness, the auditors report
will include an explanatory paragraph that describes
the reasons for this determination
15-68
RESTRICTION ON THE SCOPE OF

ENGAGEMENT
If there are restrictions placed on the scope of the
engagement the auditor will either:
Withdraw from the engagement
Disclaim an opinion
15-69
AUDITOR REFERS TO REPORT OF OTHER AUDITORS AS

BASIS, IN PART, FOR AUDITORS OWN REPORT
In certain situations audit report on ICFR may include
a reference by the auditor to work performed by
another auditor
The other auditor might be performing the ICFR audit
work at a subsidiary, division, branch, or component of
the company
Such a decision might differ from the corresponding

decision as it relates to audit of financial statements
15-70
OTHER INFORMATION CONTAINED IN

MANAGEMENTS ANNUAL REPORT ON ICFR
In addition to information required to be provided, in
some instances, management may choose to include
additional information in its report on ICFR
In such a case, the auditor will disclaim an opinion on
that additional information
15-71
MANAGEMENTS ANNUAL CERTIFICATION PURSUANT

TO SECTION 302 OF THE SARBANES-OXLEY ACT IS
MISSTATED
As a result of the audit of ICFR, auditors might
believe that modifications to the disclosures about
changes in ICFR are necessary
For annual certifications to be accurate
To comply with the requirements of Section 302 of
Sarbanes-Oxley
Auditor should modify the report on ICFR to include

an explanatory paragraph
Describing reasons auditor believes managements
disclosures should be modified
15-72

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AUDITING

Copyright 2014 South-Western/Cengage Learning

Identify and describe the principles underlying audit

Describe financial statement audits requiring a

Assess various reporting situations requiring other

Apply the frameworks for professional decision

Copyright 2014 South-Western/Cengage Learning

THE AUDIT OPINION FORMULATION

Copyright 2014 South-Western/Cengage Learning

PROFESSIONAL JUDGMENT IN CONTEXT - INVESTORS,

PROFESSIONAL JUDGMENT IN CONTEXT - INVESTORS,

Copyright 2014 South-Western/Cengage Learning

PROFESSIONAL JUDGMENT IN CONTEXT - INVESTORS,

IDENTIFY AND DESCRIBE THE PRINCIPLES

Copyright 2014 South-Western/Cengage Learning

PRINCIPLES UNDERLYING AUDIT

PRINCIPLES UNDERLYING AUDIT

Copyright 2014 South-Western/Cengage Learning

Copyright 2014 South-Western/Cengage Learning

STANDARD UNQUALIFIED AUDIT

Copyright 2014 South-Western/Cengage Learning

STANDARD UNQUALIFIED AUDIT

Copyright 2014 South-Western/Cengage Learning

OTHER IMPORTANT COMPONENTS OF

Audit report date

Signature of audit firm

EXHIBIT 15.2 - SEC REPORTING

Copyright 2014 South-Western/Cengage Learning

REQUIREMENTS FOR A STANDARD UNQUALIFIED AUDIT

MODIFICATION OF THE STANDARD

Issue an unqualified opinion with explanatory language

Copyright 2014 South-Western/Cengage Learning

STANDARD UNQUALIFIED AUDIT REPORTS U.S. NONPUBLIC COMPANIES

Copyright 2014 South-Western/Cengage Learning

DESCRIBE FINANCIAL STATEMENT AUDITS

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UNQUALIFIED AUDIT REPORTS WITH

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EXPLANATORY LANGUAGE - JUSTIFIED

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EXPLANATORY LANGUAGE - JUSTIFIED

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EXHIBIT 15.3 - EXAMPLE OF POSSIBLE AUDIT REPORT

Copyright 2014 South-Western/Cengage Learning

EXPLANATORY LANGUAGE INCONSISTENT APPLICATION OF GAAP

Both changes would require auditor to add an

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EXPLANATORY LANGUAGE INCONSISTENT APPLICATION OF GAAP

EXPLANATORY LANGUAGE INCONSISTENT APPLICATION OF GAAP

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EXPLANATORY LANGUAGE - SUBSTANTIAL DOUBT

Auditor may not feel comfortable expressing any

EXPLANATORY LANGUAGE - EMPHASIS

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EMPHASIS-OF-MATTER PARAGRAPHS AND OTHER-MATTER

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EMPHASIS-OF-MATTER PARAGRAPHS AND OTHER-MATTER

A clear reference to:

Auditor should indicate that auditors opinion is not

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EXPLANATORY LANGUAGE REFERENCE TO OTHER AUDITORS

EXPLANATORY LANGUAGE REFERENCE TO OTHER AUDITORS

Change appears in:

EXPLANATORY LANGUAGE REFERENCE TO OTHER AUDITORS