emember under "AA# 'oth probable and reasonably estimatable record -ither probable or reasonably estimatable disclose ,f mgmt’s analysis is supported and properly reported or disclosed+ the auditor issues and un1ualified opinion with no reference to the uncertainty in the report 7n1ualified opinion: "AA# 3 o02 "AAS 3 o0 ,f the auditor is unable to obtain sufficient e%idential matter in%ol%ing an uncertainty and its presentation or disclosure+ the auditor should consider expressing a 1ualified ("AAS) opinion or to disclaim an opinion to scope limitation8 ualified or. etermine that a reasonable estimate cannot be made and ma0e the re1uired disclosures to that effect
auditing standards nqualified opinion $ clean2 F/S presented fairly in all material respects+ doesn’t mean good in%estment !odified nqualified opinion $ additional explanatory language "ualified opinion $ states except for!2 material "AA# or "ASS problem Adverse opinions $ %ery material "AA# problems #isclaimer of opinion $ significant "AAS problem $%art on A1-1& memori'eħncertainties $ impairments+ intangibles+ lawsuits+ warranties 5anagement’s responsibility -stimate the effect of future e%ents on the F/S and record and present this estimate+ or. "AAS in referenced to in the Scope paragraph "AA# is referenced to in the &pinion paragraph #CA&' Standards $ for publicly traded companies Audits of Issuers (public companies) $ #CA&' auditing standard 9o8 6 re1uires the auditor’s report to include 3a reference to the standards of the #CA&' Audits of nonissuers (private companies) $ An auditor may+ but is not re1uired to+ conduct the audit of a nonissuer in accordance with both "AAS and #CA&. ate The eport should be dated on or after the date on which appropriate audit e%idence sufficient to support the opinion has been obtained Sample unqualified opinion – A1-14 Statement that the audit was planned and and performed to to obtain reasonable assurance that the F/S are free from material misstatement Statement that the audit included examining evidence on a test basis2 assessing the accounting principles used and significant estimates made by mgmt 2 and e%aluating the o%erall presentation Statement that the audit pro%ides a reasonable basis for an opinion &pinion #aragraph Statement referring to the F/S specifically identified in the introductory paragraph An opinion as to the fair presentation of the F/S (AC.&) Statement regarding conformity with 78S8 "AA# (AC.&) Firm 9ame eport. Reports on Audited Audited F/S The Auditors Standard eport (7n1ualified &pinion) Title Addressee ,ntroductory #aragraph $ 2 Statement that the F/S as identified in the report were audited Statement that the F/S are the responsibility of mgmt and the auditors responsibility is to express an opinion Scope #aragraph #aragrap h $ A#5-A52 A#5-A5 Statement that the audit was was conducted in accordance with 78S8 "AAS
isclosure ,mplicit2 Silence is o0ay & $ -xpress &pinion -xplicit2 &pinion must state ,n our opinion4! 5eant to pre%ent misinterpretation of the degree of responsibility the auditor is assuming when his/her name is associated with the F/S The auditor may express different opinions of different sections ('/S+ ,/S) The auditor may express an opinion on 6 section and not the others as long as information has not been limited
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Professional Standards Standards "enerally Accepted Accounting Standards $ "AAS "enerally Accepted "o%ernment Auditing Standards $ "A"AS The #ublic Company Accounting &%ersight 'oard $ #CA&' #ublic accounting firms must register with #CA&' in order to audit public companies egistered firms are sub*ect to board inspection+ disciplinary proceedings+ and sanctions "AAS $ T,#,- AC.& "eneral standards $ T,# T $ Training, $ ,ndependence (in fact and appearance) # $ #rofessional Care Standards of Field or0 $ #,# $ #lanning and super%ision, $ ,nternal control+ entity and en%ironment Strong controls imply the auditor will re1uire less e%idence ea0 controls imply the auditor will re1uire more e%idence (more wor0) An exam tric02 wea0 internal controls does not e1ual an ad%erse opinion - $ -%idence Standards of eporting $ AC.& A $ Accounting Accounting 3 "AA# -xplicit2 &pinion must state that the acctg used was "AA# C $ Consistency between periods ,mplicit2 Silence is o0ay cause its implied. Audited F/S – The Basics Basics Company’s mgmt responsible to prepare the F/S Auditors responsible to express an opinion on the F/S and on mgmt’s assertion on internal controls (if public) The primary assertion is whether the statements are presented fairly! in accordance with "AA#
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