A sample audit report is provided in figure 1.3 in this chapter. A sample review engagement report is provided in figure 1.4.

Required

a. What is the auditor’s responsibility as determined in the audit report?

b. Find the lines in the audit report that express the auditor’s opinion. Is it an unqualified or modified audit opinion?

c. Find the lines in the review report that express the auditor’s conclusion. Is it an audit opinion? Is it a positive or negative statement?

d. Make a list of the other differences between the audit report and the review report.

figure 1.3

figure 1.4

Transcribed Image Text:

W&S PARTNERS 1200-90 Eglinton Avenue East, Toronto, ON M4P 2Y3. Phone number: (416) 236-8743. INDEPENDENT AUDITOR'S REPORT To the Shareholders of Skyward Inc., Report on the Audit of the Consolidated Financial Statements Opinion We have audited the consolidated financial statements of Skyward Inc. and its subsidiaries (the Group), which comprise the consolidated statement of financial position as at December 31, 2023, and the consolidated statement of comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows for the year then ended, and notes to the consolidated financial statements, including a summary of significant accounting policies. In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the consolidated financial position of the Group as at December 31, 2023, and its consolidated financial performance and its consolidated cash flows for the year then ended in accordance with International Financial Reporting Standards (IFRSs). Basis for Opinion We conducted our audit in accordance with Canadian generally accepted auditing standards. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Consolidated Financial Statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the consolidated financial statements in Canada, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Key Audit Matters Provides the opinion and identifies the entity and the title of the financial statements under audit, including the disclosures and accounting policies. Indicates the audit was conducted in accordance with auditing standards, and makes an explicit statement about the auditor's independence and compliance with ethical standards.