[jeff]

Post by Another71.

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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

Jeff Elliott, CPA (KS)
NINJA CPA | NINJA CMA | NINJA CPE | Another71