Audit report is a report in which the auditor expresses his opinion on the financial statements of a firm along with citing the reasons for such opinion. To explain: The words/phrases in audit report given in said chapter that indicate to the users that the financial statements are not necessarily an exact representation of the operations and financial position of the company.

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Chapter 1, Problem 1.28P

To determine

Introduction: Audit report is a report in which the auditor expresses his opinion on the financial statements of a firm along with citing the reasons for such opinion.

To explain: The words/phrases in audit report given in said chapter that indicate to the users that the financial statements are not necessarily an exact representation of the operations and financial position of the company.

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