The Rolls-Royce of Audit Reports
Describe the parts of the standard unmodified opinion audit report for nonpublic
entities under AICPA auditing standards.
3-2 Specify the conditions required to issue the standard unmodified opinion audit report.
3-3 Understand reporting on financial statements and internal control under
PCAOB auditing standards.
3-4 Describe the five circumstances when an emphasis-of-matter explanatory paragraph or nonstandard wording is appropriate to include in an unmodified opinion audit report.
3-5 Identify the types of audit reports that can be issued when an unmodified opinion is not justified.
3-6 Explain how materiality affects audit reporting decisions.
3-7 Draft appropriately modified opinion audit reports under a variety of circumstances.
3-8 Determine the appropriate audit report for a given audit situation.
3-9 Understand the use of international accounting and auditing standards by U.S.
companies.
