Analyzing Auditing Reports (Essay Sample)

Audit Reporting Requirements
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Audit Reporting Requirements
Introduction
Auditor’s report is made by a qualified auditor after a thorough examination of all necessary documents that form part of the basis on hich he will base his opinion. Auditors can render varied opinions which may include unqualified opinion, qualified opinion, a disclamer of adverse opinion depending on the information they obtain after independent examination of all documents and disclosures of a firm. International Auditing Standards dictate that every auditing exercise and generation of an audit report must conform to specific audit reporting reporting requirements. The audit report developed by Raphael and VanFyck, LLP lack some vital reuirements which are discussed here in.
Statement idenifying each financial statement and any related schedules that ought to be audited
The auditing firm has not clearly stated the types of financial statements which were audited. The auditor has not mentioned statement of comprehensive income, statement of financial position, statement of cash flow and statement of shareholders equity. The statement to be included is “We have audited statement of comprehensive income, statement of financial position, statement of cash flow and statement of shareholders equity”
Critical audit matters