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Psa 700

This document summarizes the key elements of an auditor's report, including an unqualified opinion indicating the financial statements are free from material misstatements, the auditor and management responsibilities, and sections covering the scope, opinion, and signature. The report is addressed to shareholders and government and provides the auditor's assessment of whether the financial statements accurately represent the company's financial position in accordance with GAAP.

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Mary Grace Narag
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289 views1 page

Psa 700

This document summarizes the key elements of an auditor's report, including an unqualified opinion indicating the financial statements are free from material misstatements, the auditor and management responsibilities, and sections covering the scope, opinion, and signature. The report is addressed to shareholders and government and provides the auditor's assessment of whether the financial statements accurately represent the company's financial position in accordance with GAAP.

Uploaded by

Mary Grace Narag
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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PSA 700

(FORMING AN OPINION AND REPORTING ON FINANCIAL STATEMENTS)

REPORT TITLE ADDRESSEE


:
“Independent
Auditor’s Report” ELEMENTS OF Shareholders,
Government,

PLACE OF SIGNING AUDITORS REPORT OPINION:


THE REPORT * Unqualified opinion- free from
material misstatements.
*Qualified Audit- given due to either
DATE limitation in the scope of the audit or
accounting method that did not follow
GAAP.
*Adverse Opinion- indicates that
SCOPE OF financial records are not in accordance
PARAGRAPH with GAAP and are grossly misstated.
Says the audit followed * Disclaimer Opinion- no opinion over
the rules of GAAP and the financial statements was able to
was designed to provide determined.
reasonable assurance.

EXECUTIVE SUMMARY INTRODUCTORY


Summary of audit findings PARAGRAPH
AUDITOR(S) States that the audit has been
carried out, identifies the
RESPONSIBILITY financial documents used to
The responsibility of the auditor is to perform the audit. Also,
report to the members. The report must determines the place and time
state whether, in the opinion of the
MANAGEMENT auditor, the financial statements give a
frame covered by the audit.

RESPONSIBILITY FOR true and fair view of the state of the


company’s affairs and whether they
FINANCIAL STATEMENTS followed accounting standards, standards
on auditing and other guidelines.
AUDITOR’S
Management is responsible for the integrity and

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