Auditor's report


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Auditor's report

A section of an annual report that includes the auditor's opinion about the veracity of the financial statements.

Accountant's Opinion

An auditor's statement that he/she has reviewed the financial statements of a company and believes that they are accurate, complete, and in accordance with Generally Accepted Accounting Principles. Most of the time, a publicly-traded company's annual report contains an accountant's opinion; a report without one can be a matter of concern to investors. Instead of an accountant's opinion, the auditor may issue a qualified opinion, stating that the auditor is unable to render a full opinion about a company's finances, or a portion thereof, because the company's accounting does not meet the Generally Accepted Accounting Principles, or because the information was for some reason incomplete. An accountant's opinion is also called an auditor's report, a clean opinion, or simply an opinion.
References in periodicals archive ?
On June 1, 2017, the Public Company Accounting Oversight Board (PCAOB) adopted a new standard, The Auditor's Report on an Audit of Financial Statements When the Auditor Expresses an Unqualified Opinion, Release 2017-001, which supersedes portions of the extant AS 3101, Reports on Audited Financial Statements, and makes related amendments to other PCAOB standards.
Although the auditor's report is public, the names of those involved and any disciplinary action were not disclosed.
This paper is a valuable resource for students to acquaint themselves with the proposed model, the history of the auditor's report, and an overview of the audit standard setting process.
The addition of new elements to the auditor's report related to auditor independence, auditor tenure, and the auditor's responsibilities for, and the results of, the auditor's evaluation of other information outside the financial statements; and,
include in auditor's reports information about the auditor's independence, tenure, and evaluation of "other information" outside the financial statements; and
But on closer reading, the auditor's report states: "On two previous occasions (2010 and 2012) the auditors have reported to the council concerns about the need for proper processes to inform decision making".
communicate appropriately in the auditor's report when the comparability of financial statements between periods has been materially affected by a change in accounting principle or by adjustments to correct a material misstatement in previously issued financial statements.
The auditor's report released last September found the Commission for Motor Vehicles Evaluation, operated under the jurisdiction of Lau's bureau, has been ''meeting excessively and unreasonably'' and that remunerations paid to commission members were inflated by 80 percent to 4 million patacas ($513,000).
TORONTO -- The Ontario government has launched a review of its program for autistic children after an auditor's report found the program was lax in spending money on children needing intensive therapy and its financial records were littered with inaccurate information.
Section 103 of the Sarbanes-Oxley Act directs the Public Company Accounting Oversight Board to adopt an auditing standard that requires each registered public accounting firm to retain for a period of not less than seven years audit workpapers and other information that support the conclusions in the auditor's report.
The enforcement chief said the first auditor's report had been received in March, and since then the number handed in had gone up dramatically on a monthly basis.