Refer to the example of an auditor’s report issued in 1915. List the differences between the report styles in 1915 and today (refer to Chapter 1). Indicate in what ways this report would be deficient or misleading in light of modern auditing standards.

Data From Auditing Report Form Chapter-1

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Auditing is not a sterile subject. Its value to the functioning of the economy in the United States has been firmly established, and the demand for auditing services continues to increase. At the same time, its objectives and techniques are being challenged by various groups that have a financial interest in the quality of this service. Accounting students need to understand (1) the ethical and legal environ- ment in which auditors function, (2) the responsibilities that an auditor assumes when engagements are undertaken, (3) the techniques that are used to satisfy the audit objectives, and (4) the nature and limitations of the auditor's output.