ment Chapter 2. Professional Standards Saved Hel 52 Required information [The following information applies to the questions displayed below.] Sections of an Audit Report for a Nonpublic Company Read the overview below and complete the activities that follow. The end product of an audit is a report expressing the auditor's opinion on the client's financial statements. A standard report includes an unqualified opinion (for a public company audit) or an unmodified opinion (for a nonpublic company audit) indicating that the audit was adequate in scope and that the financial statements present the financial position, results of operations, and cash flows fairly in all material respects, and in accordance with Generally Accepted Accounting Principles. CONCEPT REVIEW: An auditor's "standard" report consists of an introduction that indicates the financial statements audited, followed by sections outlining management's responsibility, the auditor's responsibility, and the auditor's opinion. Put the following components of the standard auditors' report in the correct order. Responsibilities of Management for the Financial Statements Title Opinion Auditor's Responsibilities for the Audit of the Financial Statements Basis for Opinion We conducted our audits in accordance with auditing standards generally accepted in the United States of America (GAAS). Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of ABC Company and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audits...the standard has an s on audits (even though it is related to this audit, but just to be consistent with the standard). We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. < Prev 10 11 of 16 Next >