Please read the scenario below, and then answer the questions that follow in a 3 page analysis. The questions will guide your analysis of the situation, but need to be presented as part of an overall summary of the expectations of an audit report.
Please watch the following video and then respond to the associated questions.
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https://www.youtube.com/results?search_query=format+of+audit+report (Format of Audit Report)
- What does the end product of an audit of a company is a report express on the client’s financial statement.
- What are the two types of standard audit reports?
- What does the standard audit report indicate about the audit’s scope and financial statement present fairly?
- What may be defined as sufficiently important to influence decisions made by reasonable users of financial statements?
- What type of audit report does a client typically want or hope for?
- What type of opinion is issued by the auditor if he or she is unable to determine the overall fairness of the financial statements?
- What type of opinion is issued by the auditor on the financial statements when there is some limitation on the scope of the audit, or when one or more items in the financial statements are not presented in accordance with applicable accounting principles?
- What influences materiality of the company being audited?
Submitting your assignment in APA format means, at a minimum, you will need the following:
- Title page: Remember the running head. The title should be in all capitals.
- Length: 3 pages minimum
- Abstract: This is a summary of your paper, not an introduction. Begin writing in third person.
- Body: This begins on the page following the title page and abstract page and must be double-spaced (be careful not to triple- or quadruple-space between paragraphs). The typeface should be 12-pt. Times Roman or 12-pt. Courier in regular black type. Do not use color, bold type, or italics, except as required for APA-level headings and references. The deliverable length of the body of your paper for this assignment is 5 pages. In-body academic citations to support your decisions and analysis are required. A variety of academic sources is encouraged.
- Reference page: References that align with your in-body academic sources are listed on the final page of your paper. The references must be in APA format using appropriate spacing, hanging indent, italics, and uppercase and lowercase usage as appropriate for the type of resource used. Remember, the Reference page is not a bibliography but a further listing of the abbreviated in-body citations used in the paper. Every referenced item must have a corresponding in-body citation.