BUS 426 Chapter Notes - Chapter 22: Financial Statement

• School: Simon Fraser University
• Department: Business Administration
• Course: BUS 426
• Professor: Michael Favere- Marchesi

Document Summary

Standard unqualified independent auditor"s report: used when all auditing conditions have been met, no significant misstatements have been discovered and left uncorrected, and the auditor believes that the financial statements are fairly stated in accordance with gaap. Parts of an unqualified report: report title, addressee, introductory statement, management responsibility, auditor responsibility, opinion paragraph, signature, name of public accounting firm, date of the auditor"s report, auditor"s address. Disclaimer of opinion: a report issued when the auditor has not been satisfied that the overall financial statements are fairly presented. Negative assurance, which is illegal, is: however, nothing came to our attention that would lead us to question the fairness of the presentations , because it confuses the readers. Subsequent facts: additional information that the auditor becomes aware of after the audited financial statements have been released that indicates that some information included in the financial statements is materially misleading.