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 issuer audit$)$ or an unmodified opinion $($for a non$-$issuer 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.

art $2-$ Concept Check

$q,$ is $($are$)$ responsible for the financial statements.

The audisor's report is the $q,$ of an audit.

An unmodified opinion indicates that the financial statements are presented

An audit report indicates that the audit evidence we have obtained is $q,$ to provide a basis for the opinion.

Auditors

Management

The AICPA

The Audit Committee

The PCAOB