Identify the sections of the standard audit report for a non-public company.

Question

Want to see more full solutions like this?

Answer 1

Question

Chapter 17, Problem 1RQ

To determine

Identify the sections of the standard audit report for a non-public company.

Expert Solution & Answer

Explanation of Solution

Audit report:

The audit report is a written opinion of the auditor on the fair representation of the financial statements of the company. The audit report is prepared in a specific manner as mandated by the applicable financial reporting framework. It examines whether the company has followed the GAAP guidelines.

Generally Accepted Auditing Standards (GAAS):

Generally accepted auditing standards is a set of guidelines that is used in the auditing of the companies. These guidelines allow the auditor to consider all the material information while auditing the statements of the company. GAAS provides high level of transparency and the unbiased audit. GAAS guidelines provide a proficiency and high level of independence.

The sections of the standard audit report for a non-public company:

Management’s Responsibility for the Financial Statement: This section represents that the management is responsible that the financial statements are prepared and presented in true and fair manner. The financial statements must be prepared in accordance with generally accepted accounting principles. Also, there should be strong internal control measures established by the management.
The Auditors’ Responsibility: This section consists of three paragraphs which are:
1. (i) It states the responsibility of auditor to express an opinion on the financial statements. The opinion should be expressed on the basis of audit conducted in accordance with generally accepted auditing standards.
2. (ii) The nature of audit is highlighted.
3. (iii) The attainment of sufficient appropriate audit evidence for expressing opinion.
Opinion Section: This section represents whether the generally accepted auditing standards have been taken care of while preparing the financial statements. This section states whether the presentation of financial statements is fair as per the generally accepted auditing standards.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Students have asked these similar questions

I need help finding the accurate solution to this financial accounting problem with valid methods

Uzo Haulers Co. is a company that manufactures industrial trucks. During the year, Uzo purchased $1,200,000 of direct materials and placed $1,275,000 worth of direct materials into production. Uzo’s beginning balance in the Materials Inventory account was $310,000. What is the ending balance in Uzo’s Materials Inventory account?

Please show me the valid approach to solving this financial accounting problem with correct methods.

Answer 2

Question

Chapter 17, Problem 1RQ

To determine

Identify the sections of the standard audit report for a non-public company.

Expert Solution & Answer

Explanation of Solution

Audit report:

The audit report is a written opinion of the auditor on the fair representation of the financial statements of the company. The audit report is prepared in a specific manner as mandated by the applicable financial reporting framework. It examines whether the company has followed the GAAP guidelines.

Generally Accepted Auditing Standards (GAAS):

Generally accepted auditing standards is a set of guidelines that is used in the auditing of the companies. These guidelines allow the auditor to consider all the material information while auditing the statements of the company. GAAS provides high level of transparency and the unbiased audit. GAAS guidelines provide a proficiency and high level of independence.

The sections of the standard audit report for a non-public company:

Management’s Responsibility for the Financial Statement: This section represents that the management is responsible that the financial statements are prepared and presented in true and fair manner. The financial statements must be prepared in accordance with generally accepted accounting principles. Also, there should be strong internal control measures established by the management.
The Auditors’ Responsibility: This section consists of three paragraphs which are:
1. (i) It states the responsibility of auditor to express an opinion on the financial statements. The opinion should be expressed on the basis of audit conducted in accordance with generally accepted auditing standards.
2. (ii) The nature of audit is highlighted.
3. (iii) The attainment of sufficient appropriate audit evidence for expressing opinion.
Opinion Section: This section represents whether the generally accepted auditing standards have been taken care of while preparing the financial statements. This section states whether the presentation of financial statements is fair as per the generally accepted auditing standards.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 3

Question

Chapter 17, Problem 1RQ

To determine

Identify the sections of the standard audit report for a non-public company.

Expert Solution & Answer

Explanation of Solution

Audit report:

The audit report is a written opinion of the auditor on the fair representation of the financial statements of the company. The audit report is prepared in a specific manner as mandated by the applicable financial reporting framework. It examines whether the company has followed the GAAP guidelines.

Generally Accepted Auditing Standards (GAAS):

Generally accepted auditing standards is a set of guidelines that is used in the auditing of the companies. These guidelines allow the auditor to consider all the material information while auditing the statements of the company. GAAS provides high level of transparency and the unbiased audit. GAAS guidelines provide a proficiency and high level of independence.

The sections of the standard audit report for a non-public company:

Management’s Responsibility for the Financial Statement: This section represents that the management is responsible that the financial statements are prepared and presented in true and fair manner. The financial statements must be prepared in accordance with generally accepted accounting principles. Also, there should be strong internal control measures established by the management.
The Auditors’ Responsibility: This section consists of three paragraphs which are:
1. (i) It states the responsibility of auditor to express an opinion on the financial statements. The opinion should be expressed on the basis of audit conducted in accordance with generally accepted auditing standards.
2. (ii) The nature of audit is highlighted.
3. (iii) The attainment of sufficient appropriate audit evidence for expressing opinion.
Opinion Section: This section represents whether the generally accepted auditing standards have been taken care of while preparing the financial statements. This section states whether the presentation of financial statements is fair as per the generally accepted auditing standards.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Question

Chapter 17, Problem 1RQ

To determine

Identify the sections of the standard audit report for a non-public company.

Expert Solution & Answer

Explanation of Solution

Audit report:

The audit report is a written opinion of the auditor on the fair representation of the financial statements of the company. The audit report is prepared in a specific manner as mandated by the applicable financial reporting framework. It examines whether the company has followed the GAAP guidelines.

Generally Accepted Auditing Standards (GAAS):

Generally accepted auditing standards is a set of guidelines that is used in the auditing of the companies. These guidelines allow the auditor to consider all the material information while auditing the statements of the company. GAAS provides high level of transparency and the unbiased audit. GAAS guidelines provide a proficiency and high level of independence.

The sections of the standard audit report for a non-public company:

Management’s Responsibility for the Financial Statement: This section represents that the management is responsible that the financial statements are prepared and presented in true and fair manner. The financial statements must be prepared in accordance with generally accepted accounting principles. Also, there should be strong internal control measures established by the management.
The Auditors’ Responsibility: This section consists of three paragraphs which are:
1. (i) It states the responsibility of auditor to express an opinion on the financial statements. The opinion should be expressed on the basis of audit conducted in accordance with generally accepted auditing standards.
2. (ii) The nature of audit is highlighted.
3. (iii) The attainment of sufficient appropriate audit evidence for expressing opinion.
Opinion Section: This section represents whether the generally accepted auditing standards have been taken care of while preparing the financial statements. This section states whether the presentation of financial statements is fair as per the generally accepted auditing standards.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 17, Problem 1RQ

To determine

Identify the sections of the standard audit report for a non-public company.

Expert Solution & Answer

Explanation of Solution

Audit report:

The audit report is a written opinion of the auditor on the fair representation of the financial statements of the company. The audit report is prepared in a specific manner as mandated by the applicable financial reporting framework. It examines whether the company has followed the GAAP guidelines.

Generally Accepted Auditing Standards (GAAS):

Generally accepted auditing standards is a set of guidelines that is used in the auditing of the companies. These guidelines allow the auditor to consider all the material information while auditing the statements of the company. GAAS provides high level of transparency and the unbiased audit. GAAS guidelines provide a proficiency and high level of independence.

The sections of the standard audit report for a non-public company:

Management’s Responsibility for the Financial Statement: This section represents that the management is responsible that the financial statements are prepared and presented in true and fair manner. The financial statements must be prepared in accordance with generally accepted accounting principles. Also, there should be strong internal control measures established by the management.
The Auditors’ Responsibility: This section consists of three paragraphs which are:
1. (i) It states the responsibility of auditor to express an opinion on the financial statements. The opinion should be expressed on the basis of audit conducted in accordance with generally accepted auditing standards.
2. (ii) The nature of audit is highlighted.
3. (iii) The attainment of sufficient appropriate audit evidence for expressing opinion.
Opinion Section: This section represents whether the generally accepted auditing standards have been taken care of while preparing the financial statements. This section states whether the presentation of financial statements is fair as per the generally accepted auditing standards.

Answer 6

Chapter 17, Problem 1RQ

To determine

Identify the sections of the standard audit report for a non-public company.

Expert Solution & Answer

Explanation of Solution

Audit report:

The audit report is a written opinion of the auditor on the fair representation of the financial statements of the company. The audit report is prepared in a specific manner as mandated by the applicable financial reporting framework. It examines whether the company has followed the GAAP guidelines.

Generally Accepted Auditing Standards (GAAS):

Generally accepted auditing standards is a set of guidelines that is used in the auditing of the companies. These guidelines allow the auditor to consider all the material information while auditing the statements of the company. GAAS provides high level of transparency and the unbiased audit. GAAS guidelines provide a proficiency and high level of independence.

The sections of the standard audit report for a non-public company:

Management’s Responsibility for the Financial Statement: This section represents that the management is responsible that the financial statements are prepared and presented in true and fair manner. The financial statements must be prepared in accordance with generally accepted accounting principles. Also, there should be strong internal control measures established by the management.
The Auditors’ Responsibility: This section consists of three paragraphs which are:
1. (i) It states the responsibility of auditor to express an opinion on the financial statements. The opinion should be expressed on the basis of audit conducted in accordance with generally accepted auditing standards.
2. (ii) The nature of audit is highlighted.
3. (iii) The attainment of sufficient appropriate audit evidence for expressing opinion.
Opinion Section: This section represents whether the generally accepted auditing standards have been taken care of while preparing the financial statements. This section states whether the presentation of financial statements is fair as per the generally accepted auditing standards.

Answer 7

Chapter 17, Problem 1RQ

To determine

Identify the sections of the standard audit report for a non-public company.

Answer 8

Expert Solution & Answer

Explanation of Solution

Audit report:

The audit report is a written opinion of the auditor on the fair representation of the financial statements of the company. The audit report is prepared in a specific manner as mandated by the applicable financial reporting framework. It examines whether the company has followed the GAAP guidelines.

Generally Accepted Auditing Standards (GAAS):

Generally accepted auditing standards is a set of guidelines that is used in the auditing of the companies. These guidelines allow the auditor to consider all the material information while auditing the statements of the company. GAAS provides high level of transparency and the unbiased audit. GAAS guidelines provide a proficiency and high level of independence.

The sections of the standard audit report for a non-public company:

Management’s Responsibility for the Financial Statement: This section represents that the management is responsible that the financial statements are prepared and presented in true and fair manner. The financial statements must be prepared in accordance with generally accepted accounting principles. Also, there should be strong internal control measures established by the management.
The Auditors’ Responsibility: This section consists of three paragraphs which are:
1. (i) It states the responsibility of auditor to express an opinion on the financial statements. The opinion should be expressed on the basis of audit conducted in accordance with generally accepted auditing standards.
2. (ii) The nature of audit is highlighted.
3. (iii) The attainment of sufficient appropriate audit evidence for expressing opinion.
Opinion Section: This section represents whether the generally accepted auditing standards have been taken care of while preparing the financial statements. This section states whether the presentation of financial statements is fair as per the generally accepted auditing standards.