Kế toán, kiểm toán - Chapter 12: Reports on audited financial statements

Auditing & Assurance Services, 6eChapter 12 Reports on Audited Financial StatementsIn our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Enron Corp. and subsidiaries as of December 31, 2000 and 1999, and the results of their operations, cash flows, and changes in shareholders’ equity for each of the three years in the period ended December 31, 2000, in conformity with accounting principles generally accepted in the United States. Opinion paragraph from Arthur Andersen’s final audit of Enron Corp. (dated February 23, 2001)Components of the Standard (Unmodified) ReportIntroductory paragraphF/S and years examinedManagement’s Responsibility sectionManagement responsible for financial statementsManagement responsible for internal controlAuditor’s Responsibility sectionAuditor responsible for issuing opinion on financial statements Audit conducted in accordance with GAASAudit provides reasonable assuranceOpinion Are F/S presented in accordance with applicable financial reporting framework (GAAP)?The Standard (Unmodified) Report (Other Elements)Title includes the word “independent”Addressed to the client (normally, shareholders and board)Dated when auditors have obtained sufficient appropriate evidence (date of the auditors’ report) Signed by the accounting firmTypes of OpinionsUnmodified opinionF/S are in accordance with GAAPStandard report may be modified to disclose additional matters Qualified opinion“Except for” some matter, F/S are in accordance with GAAPAdverse opinionF/S are not in accordance with GAAPDisclaimer of opinionNo opinion is issued by auditorsDepartures from GAAPStandard Report (Unmodified Opinion)Qualified OpinionAdverse OpinionNONOYESYESIs the Departure Material?Is the Departure Pervasive?Qualified OpinionIssued when departure is material, yet not pervasiveReport Modifications: Add paragraph preceding the opinion paragraph explaining departure and detailing $ amounts involved Modify opinion paragraph (“In our opinion, except for the matter discussed in the preceding paragraph,.”)Adverse Opinion Issued when F/S do not present fairly according to GAAP (i.e., a serious, pervasive departure from GAAP).Report Modifications: Add paragraph preceding the opinion paragraph explaining the departure and detailing $ amounts involved Change opinion paragraph (“financial statements do not present fairly”)Scope LimitationsStandard Report (Unmodified Opinion)Qualified OpinionDisclaimer of OpinionNOYESAlternative Procedures Available?Is the LimitationPervasive?Is the Limitation Material?YESNOStandard Report (Unmodified Opinion)YESNOScope Limitation: Qualified OpinionIssued when scope limitations are material, but not pervasiveReport Modifications: Add paragraph preceding the opinion paragraph describing the scope limitationModify opinion paragraph (“In our opinion, except for”)Scope Limitation: Disclaimer of Opinion Pervasive scope limitation, usually client-imposed Significance of the limitation is such that auditors cannot gather sufficient appropriate evidence to form an opinionReport Modifications: Introductory paragraph: (“We were engaged to audit .”)Modify Auditor’s Responsibility section:Note that auditors were not able to obtain sufficient appropriate evidenceDelete paragraphs describing an audit and indicating that the audit provides a basis for the opinionAdd paragraph preceding the opinion paragraph describing the scope limitation Modify opinion paragraph (“we do not express an opinion.”)Audit of Group Financial StatementsGroup financial statements: Financial statements comprised of more than one division/subsidiary/segment/componentGroup auditors: Conduct audit of material portion of the entityComponent auditors: May be engaged by group auditors to audit divisions, subsidiaries, or componentsAudit of Group F/SObtain permission and present component auditors’ reportStandard Report (Unmodified Opinion)YESIndicate Division of Responsibility in Unmodified OpinionNONOTake Responsibility for Component Auditors’ Work?Refer to Component Auditors by Name?YESEffect on ReportGroup auditors shouldVerify component auditors’ reputation and independenceCommunicate and coordinate with component auditorsOptionsTake responsibility for work: Standard (unmodified) reportName component auditorsPresent report of component auditors, only with their permissionRefer to component auditorsModify Auditor’s Responsibility sectionModify opinion paragraphStill express unmodified opinion, if appropriateGeneral Approach for Other MattersIssue unmodified opinion but add paragraph to report to discuss the matterEmphasis-of-matter paragraphs provide information related to users’ understanding of F/SOther-matter paragraphs provide information related to users’ understanding of audit, auditors’ responsibility, or auditors’ reportSituationsConsistencyGoing-concernOther InformationRequired Supplementary InformationEmphasis of a matterComparative F/SContinuing auditorsReport should address all years presented in comparative formUpdate opinion by considering if previously issued opinions still appropriateIf previously issued opinions not appropriate, revise opinion in current report (other-matter paragraph)Predecessor auditorsWith permission, auditors may present reissued report from predecessor on prior-years’ F/S along with successor’s report on current F/SIf predecessors’ report not presented, successor auditors’ report must reference predecessors’ report and opinion on prior-years’ F/S (other-matter paragraph)Reporting SummaryOpinionComponents modified/addedMaterialPervasiveIntroAuditor’s ResponsOpinionAdd’lDeparture from GAAPQualifiedAdverse XXScope LimitationQualifiedDisclaimerX (Disclaimer)X (Disclaimer)XXAudit of Group F/SUnmodifiedUnmodified XXOther matters (Consistency, Going-concern, Required Supplementary, Emphasis of Matter, etc.)UnmodifiedUnmodifiedXMay issue disclaimer if:Lack of independenceAssociated with financial statementsMaterial and pervasive going-concern uncertainty