Acc 492
Soc110 - Auditors have many responsibilities, which need to conform to standards and guidelines. Auditors have a responsibility to the company they are auditing, the public which read the audit reports and rely on the information, the company they are working for, and to conform to the guidelines set forth from GAAP, and SEC. Auditors issue reports based on the information they have gathered.
Soc 110 - There are different types of reports and auditor issues, and for different reasons. An adverse report is one an auditor would issue if the financial statements are not in conformity with GAAP and the material enclosed effects the financial statements. A disclaimer report is issued if “the auditor disclaims opinion on the financial statements, either because he/she was not able to obtain sufficient competent evidence, or because he/she independence was hampered” (Auditing standards simulation). A qualified report is issued when the auditor feels the financial statements are presented fairly but, is not able to issue an unqualified repot based on limitations or deviation from GAAP. An unqualified report is issued when an auditor is assured the information gathered is sufficient, the audit was performed in conformity with GAAP and the financial statements are closely conformed to GAAP. Acc492
Acc 492 - An unqualified report would be issued by an auditor if the auditor felt the company in question was undoubtedly conforming to GAAP rules and regulations, presenting financial information fairly, and not trying to cover up legal issues, revenue discrepancies, and reporting all aspects of the business ethically.
Acc 492
Soc 110 - There are different types of reports and auditor issues, and for different reasons. An adverse report is one an auditor would issue if the financial statements are not in conformity with GAAP and the material enclosed effects the financial statements. A disclaimer report is issued if “the auditor disclaims opinion on the financial statements, either because he/she was not able to obtain sufficient competent evidence, or because he/she independence was hampered” (Auditing standards simulation). A qualified report is issued when the auditor feels the financial statements are presented fairly but, is not able to issue an unqualified repot based on limitations or deviation from GAAP. An unqualified report is issued when an auditor is assured the information gathered is sufficient, the audit was performed in conformity with GAAP and the financial statements are closely conformed to GAAP. Acc492
Acc 492 - An unqualified report would be issued by an auditor if the auditor felt the company in question was undoubtedly conforming to GAAP rules and regulations, presenting financial information fairly, and not trying to cover up legal issues, revenue discrepancies, and reporting all aspects of the business ethically.
Acc 492