Academic journal article Journal of Accountancy

Auditors' Reports

Academic journal article Journal of Accountancy

Auditors' Reports

Article excerpt

This checklist is excerpted from the American Institute of CPAs Financial Statement Preparation Manual. It was developed as a nonauthoritative practice aid and is to be used for OCBOA (other comprehensive basis of accounting) engagements. The checklist does not represent minimum requirements and is not all inclusive.

GENERAL

1. Does the reporting language conform to the standard accountant's reports in Statement on Auditing Standards no. 62, Special Reports?

[ ] Yes [ ] No [ ] N/A

2. Do the tides of the financial statements described in the first and opinion paragraphs conform to the tides of the financial statements?

[ ] Yes [ ] No [ ] N/A

AUDITOR'S REPORT

3. Does the audit report include:

a. A statement of the basis of presentation and reference to the note to the financial statements that describes the basis.

[ ] Yes [ ] No [ ] N/A

b. A statement that the basis of presentation is a comprehensive basis of accounting other than generally accepted accounting principles.

[ ] Yes [ ] No [ ] N/A

Note: For review and compilation reports, these statements are not required unless the financial statements omit such disclosures.

AUDIT REPORT MODIFICATIONS

4. Is an explanatory paragraph (or other explanatory language) added to the standard report (following the opinion paragraph) if:

a. There is lack of consistency in accounting principles?

[ ] Yes [ ] No [ ] N/A

b. The financial statements are affected by uncertainties concerning future events, the outcome of which is not reasonably estimable at the date of the auditor's report?

[ ] Yes [ ] No [ ] N/A

c. There is substantial doubt about the entity's ability to continue as a going concern for a reasonable period of time and that conclusion is expressed through the use of the phrase "substantial doubt about its (the entity's) ability to continue as a going concern? …

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