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audit report

A document that summarizes the findings of an audit. An external audit report sets out an *audit opinion. Most systems of *Generally Accepted Auditing Standards have standardized formats for external audit reports and require explanations of any *unqualified opinion (such as an *adverse opinion, a *disclaimer, or a *qualified opinion). The content and style of internal audit reports are largely at the discretion of individual *internal audit functions. All audit reports, however, should follow basic criteria of "clarity, precision, unambiguity, and comprehensiveness in disposal of the audit’s terms of reference" (Flint, 1988, 121). Public skepticism over the usefulness of the *boilerplate language used in external audit reports has a long history. It is reflected, for example, in this humorous and poetic audit report spoof of the 1950s (quoted in Chambers, R. J., 1995, 91):
We have audited the balance sheet and here is our report: The cash is overstated, the cashier being short; The customers’ receivables are very much past due, If there are any good ones, they are very, very, few; The inventories are out of date and practically junk, And the method of their pricing is very largely bunk; According to our figure the enterprise is wrecked... But subject to these comments, the balance sheet’s correct.
Further reading: Walker (1997)

Auditor's dictionary. 2014.

Look at other dictionaries:

  • audit report — UK US noun [C] ACCOUNTING ► AUDITOR S REPORT(Cf. ↑auditor s report) …   Financial and business terms

  • audit report — See: auditors report …   Accounting dictionary

  • final internal audit report — galutinė vidaus audito ataskaita statusas Aprobuotas sritis auditas apibrėžtis Vidaus audito ataskaita, raštu pateikiama audituojamo subjekto vadovui kartu su vidaus audito ataskaitoje pateikiamų rekomendacijų įgyvendinimo priemonių plano forma.… …   Lithuanian dictionary (lietuvių žodynas)

  • interim internal audit report — tarpinė vidaus audito ataskaita statusas Aprobuotas sritis auditas apibrėžtis Atliekant didelės apimties auditą audituojamo subjekto vadovui raštu pateikiama ataskaita, kurioje pateikiama aktuali informacija, nurodomas vidaus audito objekto… …   Lithuanian dictionary (lietuvių žodynas)

  • internal audit report — vidaus audito ataskaita statusas Aprobuotas sritis auditas apibrėžtis Vidaus auditoriaus parengtas ir pasirašytas dokumentas, kuriame nurodomi vidaus audito tikslai, apimtis, apibendrinami atlikto vidaus audito rezultatai, pateikiamos išvados ir… …   Lithuanian dictionary (lietuvių žodynas)

  • environmental audit report — ekologinio audito ataskaita statusas T sritis ekologija ir aplinkotyra apibrėžtis Periodinio ir objektyvaus vertinimo, kuriuo nustatoma, ar ekologinės veiklos sistema ir jos veiksmingumas atitinka teisės, techninius ir politinius reikalavimus,… …   Ekologijos terminų aiškinamasis žodynas

  • qualified audit report — An auditors report in which some qualification of the financial statements is required because (a) the auditor feels there is a limitation on the scope of the audit examination or (b) the auditor disagrees with the treatment or disclosure of a… …   Accounting dictionary

  • short-form audit report — In the USA, a standard auditors report that conforms to the short form reporting requirements of the Securities and Exchange Commission and the American Institute of Certified Public Accountants. The first paragraph of the report indicates what… …   Accounting dictionary

  • Audit storm — (Chinese: 审计风暴) was a phrase that Chinese media coined to describe the auditing campaigns initiated by the National Audit Office of China. [ [http://www.chinadaily.com.cn/english/doc/2005 01/05/content 406025.htm Audit storm sweeps away graft] ,… …   Wikipedia

  • audit — detailed checking of the financial records of a business by an independent qualified person ( auditor) in order to verify their correctness or to detect errors or fraud. Glossary of Business Terms An examination of a company s accounting records… …   Financial and business terms

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