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Topic
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Free MP3 Download: https://www.another71.com/unmodified-audit-reports-rap-video/
CHORUS:
Unmodified, no longer unqualified
These standards are clarified
Financial Statements verified
Yea, unmodifed, I gotta say welcome to the other side
VERSE 1:
Audit Reports must be in writing, must be signed and
The location, city and state, where to find ‘em
And the Unmodified Opinion
The title must include “Independent”
Who, what and when, management’s responsibility
Fair presentation of financials, you feeling me?
Internal control, design and maintenance
Don’t forget the implementation
Auditor’s Responsibility, GAAS
Audit in accordance in the US
Plan and perform the audit
Obtain reasonable assurance, you better be on it
Performing procedures to obtain evidence
About amounts and disclosures, now you gettin’ it
The info is appropriately presented
But the auditor wants to bring something to attention
VERSE 2:
The modified opinion, the financial statements
Is when they are materially misstated
Unable to obtain sufficient appropriate evidence
Just listen, yea here’s the mission
Title, introduction, you see
Management and Auditor’s responsibility
Basis for modified opinion, audit opinion
Modified opinion, we winnin’
Referencing component auditor
If group engagement partner assumes responsibility for their work
Additional audit procedures, let’s do it, yes
And performing risk assessments
If group engagement partner doesn’t assume responsibility
Gotta reference the auditor’s work, see
Requirements for referencing that
It’s gotta be in accordance with PCAOB
AUD - 79
BEC - 80
FAR - 76
REG - 92
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