- NY Credits : 4.0
- TX Credits : 4.0
GAAS Guide - Reporting
The auditor's report is issued as a result of conducting an audit. There are a number of basic types of reports that fall into basically 5 categories: the standard report (also known as an unqualified report); a qualified report; an adverse report; a disclaimer (no report is issued), and an unqualified report with an emphasis-of-matter paragraph. There are other types of services a practitioner may provide in addition to an audit of financial statements prepared in accordance with GAAP. The SSARS provide guidance on accounting and review services, which generally consist of compilations or reviews on either GAAP or OCBOA financial statements. Additionally, a practitioner may report on various assertions made by management or other parties in attest engagements. Attest engagements are covered by the authoritative guidance in the SSAEs.
Upon successful completion of GAAS Guide - Reporting, the user should be able to:
recognize the overall auditing objectives and auditor's responsibilities related to reporting,
identify the types of opinions, evidence and the various elements in a standard audit report,
identify the various reports that exist,
identify bases of accounting other than accounting principles generally accepted in the United States, and
recognize the use of service organizations and the special purpose reports associated with them.