Obtain a sample audit report by visiting the American Institute of Certified Public Accountants' website. In addition, actual audit reports are available by searching for any publicly traded company's annual 10K statement.Continue Reading
An auditor's report is a statement prepared by an auditing or Certified Public Accountant firm. The statement outlines several aspects of the audit work carried out by the firm. Most auditor's reports are made up of three parts, commonly referred to as responsibilities, scope and opinion.
The first part of an audit report outlines the responsibilities of the firm conducting the audit and those of the audited company's directors. The purpose of this paragraph is to indicate that the auditor's responsibility is only to review the facts presented by the directors and not to guarantee veracity or accuracy.
The second paragraph of the audit report, also known as the scope, gives a brief explanation of the purpose of the engagement. This paragraph may indicate the type of audit conducted and the standards that were used during the engagement, such as Generally Accepted Accounting Practices.
The third part of an auditor's report contains the opinion. This opinion may take different shapes, depending on whether the auditor presents an unqualified opinion, a qualified opinion or an adverse opinion. The third paragraph normally shows whether any substantial inconsistencies were encountered during the audit.Learn more about Business Resources