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Name : Kharisma Fiendy


: 1401103010110
Chapter 3 (AUDIT REPORT) Summary

This part portrayed the evaluator's standard unqualied review report, and
also gives an account of inward control over nancial reporting under Section 404 of
the SarbanesOxley Act. The four classes of review reports and the inspector's
choice procedure in picking the tting review report to issue were then talked about.
Standard audit Report
a) The Seven Parts of the Auditors Standard Report
2. Report title Must include the word independent.
3. Audit report address Customary to address to board of directors and
stockholders to demonstrate independence.
4. Introductory paragraph States that an audit has been performed;
identies the nancial statements and appropriate dates; states that the
nancial statements are the responsibility of the entitys management.
5. Scope paragraph States that auditor followed GAAS or PCAOB standards
and indicates that the audit only provides reasonable assurance.
6. Opinion paragraph Communicates the results of the audit.
7. Name of CPA rm or practitioner.
8. Audit report date showing last day of eld work. Auditor is held
accountable only through this date
b) Five Conditions for the Standard Report
a. All 4 of the basic nancial statements are included.
b. Three General Standards have been followed.
c. Sufficient evidence has been accumulated and three Field Work Standards
have been followed.
d. Financial Statements are in accordance with U.S. GAAP.
e. No circumstances require an explanatory paragraph or modied wording
of the report.
Section 404 of the Sarbanes-Oxley Act
a) PCAOB Auditing Standard 2 Section 404 requires the auditor of a public
company to attest to managements report on the effectiveness of
internal control over nancial reporting. PCOAB Auditing Standard 2
requires the audit of internal control to be integrated with the audit of
the nancial statements
b) The Time Period Covered Although the audit opinion on the nancial
statements addresses multiple reporting periods, managements
assertion about the effectiveness of internal control is as of the end of
the most recent scal year.
c) The Audit Report The auditor may choose to issue separate reports or a
combined report, such as the one shown in Figure 3-3 on page 50. The
combined report on nancial statements and internal control over

nancial reporting addresses both the nancial statements and

managements report on internal control over nancial reporting.
Conditions Requiring an Explanatory Paragraph or Modied Report Wording
a) Lack of Consistency
b) Going Concern Problem
c) Auditor Agrees with a Departure from GAAP
d) Emphasis of a Matter
e) Reports Involving Other Auditors
Other Opinion Possibilities
a) Qualied Opinion
b) Adverse Opinion
c) Disclaimer of Opinion
Scope Limitation
a) Scope Limitation Dened
b) Effect of Scope Limitation on Audit Report Qualied Opinion
c) Effect of Scope Limitation on Audit Report Disclaimer of Opinion
GAAP Departure
a) GAAP Departure Dened
b) Effect of GAAP Departure on Audit Report Qualied Opinion
c) Effect of Scope Limitation on Audit Report Adverse Opinion
Other Information
a) In regard to other information included with the audited nancial
statements in the annual report, the auditor is required to read the
information to ensure that it is not materially inconsistent with the
audited nancial statement.
b) Auditors are not currently responsible for information on a companys
web site, even if it includes audited nancial statements.