Accounting Song – Unmodified (AUD)

MP3 Download (Right-click and Save): Unmodified

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

See also:

IFRS: King on this Street (FAR)
Unmodified (AUD)
Economic Cycles (BEC)
Death and Taxes (REG)
2017 CPA Exam Changes (The End is Near)