Audit Report Preparation, Purpose, Process and Structure

January 2017 | 12 pages | ID: A159B5D6347EN
Sadia Saeed

Abstracts

The auditor makes a monetary report about the conducts of the company and it is known as auditor’s report. It is stated that whether company is doing presently or not. When a company performs all actions fairly, auditor makes unqualified report. When a company does all actions in fair manner except for any misdeed, the auditors make unqualified report. When a company performs all action in incorrect way and did not follow any principle of general accepted accounting principles, the auditors make adverse reports. When a company follow standards of GAAP but does not reveal fair data, auditors show disclaimer opinions (Saxena et al., 2010). Cont… (3000 words of this report)

Contents

2.1. How audit reports are prepared
Reporting Phase of the Audit
Financial Statement Disclosure
Detecting Misstatements
The Auditors' Unqualified Report
The Introductory Paragraph
The Scope Paragraph
The Opinion Paragraph
2.2. Purpose and Process of Auditor’s report
Pre-Audit Planning
Requesting Documents
Preparing an Audit Plan
Scheduling an Open Meeting
Conducting Fieldwork
Reporting Phase
Drafting a Report
Auditor Conclusion
Setting Up a Closing Meeting
2.3. Structure of Audit Report in Kuwait
Audit Report
Title and Introduction
Name of the audited company
Report on the financial statements
Management’s Responsibility for the Financial Statements
Auditors’ Responsibility
Opinion
Report on other Legal and Regulatory Requirements
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