The end product of an audit is a report expressing the auditor's opinion on the clent'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 materlal respects, and in accordance with Generally Accepted Accounting Principles. CONCEPT REVIEW; An auditor's "standard" report indicates the financial statements audited whilch consists auditor's opinion, Introduction. management's responsibility, and the auditor's responsibility 1. IS (are) responsible tor the financial statements 2 The auditor's report is the [3 An opinion includes an introduction management's and the auditors responsibility and ain) 4 An opinion indic ates that the financial statements ae presented 5 An audt report indicates that the audit evidence we have obtaned is of an audit to provide a bass for the opinion