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AUDIT
REPORT
Prepared by:
Learning outcomes:
Understand
report
Know the auditors responsibilities
DEFINITION
OF AUDIT
REPORT
TYPES OF AUDIT
REPORT :
Unmodified/unqualified report
Modified/qualified report
Unmodified/unqualified report
common
related to the
financial
statements of
limited
company
Objective
issuing report
to express
opinion that
the financial
statements
have no
problem & its
reflect a true &
fair view
The report
format should
comply with
requirements
provided under
ISA 700 and
the Company
Act 1965
The audit
process
must have
some teeth
in it!
b.
Modified/qualified report
1.cos the audit function is restricted
Unmodified/unqualified report
(true & fair view- free from misstatement)
refer eg. m/s 192 Understanding Auditing In
Malaysia
b)
c)
Non-compliance with an
accounting standards
The law & regulations
Sufficient evidence cant collected
4. Adverse report
Issued
5.Disclaimer report
Fail to collect sufficient evidence
to make conclusion & opinion
No cooperation from management
Serious shortage time
refer eg. m/s 201 Understanding
Auditing In Malaysia
2.
3.
4.
5.
6.
7.
8.
The title
The party to whom the report is
directed or addressed
Introductory paragraph
Scope paragraph
Opinion paragraph
Name of the auditor or audit firm
Address of audit firm
Date of the audit report
TQ