What is required to be included in an emphasis-of-matter paragraph?
An emphasis-of-matter paragraph follows the opinion paragraph in an unmodified audit opinion for a nonissuer (private company). An emphasis-of-matter paragraph is required to be included in the audit report if any of the following exist:
You might also be interested in...
What are the required paragraphs in an unmodified opinion?
Unmodified opinions are issued for nonissuers (private companies). If the audit team has determined that, after performing all necessary audit procedures, that there are no material departures from the conceptual framework, the audit team may issue an unmodified opinion. Reporting an unmodified opinion would consist of the following paragraphs:
What is included in the introductory paragraph in an unmodified opinion?
Remember that an unmodified opinion is only for nonissuers. The introductory paragraph would include details about the entity being audited, statement that the financials have been audited, title of each financial statement, and the timeline that the audit report covers.
What is the difference between an unmodified and unqualified audit opinion?
Issuers (public companies) receive unqualified audit opinions while nonissuers (private companies) would receive unmodified opinions. The requirements for the audit report vary between the two types of audit opinions.