ZeePedia Add to Favourites   |   Contact us


Financial Statement Analysis

<<< Previous Auditor’s Report, Opinion, Certificate Next >>>
 
img
Financial Statement Analysis-FIN621
VU
Lesson-23
ANNUAL REPORT GENERATED BY BUSINESS
Auditor's Report, Opinion/Certificate: There are four types of Audit certificates.
i)
Unqualified: It states that Financial Statements present information in conformity with
GAAP.
ii)
Qualified: It qualifies the Report with certain observations.
iii)
Adverse: It states that financial statements have not been presented fairly in accordance
with GAAP.
iv)
Disclaimer: Auditor expresses his inability to report on Financial Statements for various
reasons.
Statements of Audit Reports
"Un-qualified Audit Certificate/Opinion": We have examined the accounts/financial
statements of________ up to the year ended 30th June, _____, and other record based on these accounts
and we got all the information required by us. In our opinion the financial statements and the accounts
on which they are based have been prepared in conformity with generally accepted accounting
principles, and present a true and fair position of the affairs of _________________.
"Qualified Audit Certificate/Opinion": We have examined the accounts of _________
up to the year ended 30th June, _______ and other record based on these accounts and we got all the
information required by us. In our opinion the financial statements and the accounts on which they are
based have generally been prepared in conformity with the generally accepted accounting principles,
and these present a true and fair position of the affairs of _________ subject to the observations and
findings mentioned in the enclosed report.
"Adverse Audit Certificate/Opinion": We have examined the accounts of __________
up to the year ended 30th June, _____ and other record based on these accounts and we got all the
information required by us. In our opinion the financial statements and the accounts on which they are
based have not been prepared in conformity with generally accepted accounting principles, and these do
not present a true and fair position of the affairs of _________ because of the errors mentioned in the
enclosed report.
Disclaimer of opinion: We are unable to issue an audit certificate on the accounts of
________ for the period _______, as we could not verify the financial statements and the accounts on
which they are based due to non-availability of the necessary information or because of our inability to
visit (Locations) or due to the non-cooperation by the auditee staff in providing the necessary records
(name the documents).
Another form of Audit Report is as follows:-
To the Stockholders and Board of Directors of MOOSA & CO.
We have audited the accompanying balance sheet of Moosa & Co as of June 30, 20 ____,
and the related statements of income, retained earnings, and cash flow for the year then ended.
We conducted our audit in accordance with generally accepted auditing standards.
101
img
Financial Statement Analysis-FIN621
VU
We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material
respects, the financial position of Moosa & Co as of June 30, 20______, and the results of its operations
and its cash flows for the year then ended in conformity with generally accepted accounting principles.
Peshawar
Signature
September 29, 20____
Certified Chartered Accountant
102