A well-formatted audit report contains a title, an introduction, a section describing the roles of the auditor and firm directors in the audit process, and the basis of opinion section, according to the Houston Chronicle. This format is common in all types of audit reports, including qualified, unqualified, disclaimer of opinion and adverse reports.
The title contains the year of audit and the name of the audited firm, followed by a statement like "Independent Financial Auditor's Report," notes the Houston Chronicle. For instance, if the year of audit is 2014 and the firm's name is General Motors, the title of the report is "2014 General Motors Company Independent Financial Auditor’s Report." The introduction comes after the title and features the firm's name and the date scope of the audit, all in one paragraph.
The section describing the role of the auditor and the firm's directors follows the introduction and is a single paragraph as well, states the Houston Chronicle. While the directors facilitate the audit process by presenting relevant company's financial records to the auditor, the auditor's role involves scrutinizing the records to determine the company's position in terms of finance. The basis of opinion section features the auditor's view on the audit process, including an explanation showing that the process met the U.S. Generally Accepted Audit Standards and may feature several paragraphs. However, conciseness is key in this section as well.