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  • 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 are the required paragraphs in an unqualified opinion?

    Unqualified opinions are issued for issuers (public 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 unqualified opinion. Reporting an unqualified opinion would consist of an introductory paragraph, management responsibility paragraph, auditor responsibility paragraph,...

  • What is the timeline of events in an audit engagement?

    An audit engagement typically has 7 key steps that must be performed. The 7 key steps include: 1) Engagement acceptance: Determine of the auditor is considered independent and has an understanding of the engagement. 2) Planning / Assessing risk: Performing risk assessment procedures (analytics) and obtain an understanding of the client’s internal controls, industry, and...