Audit report

Audit Report

An Audit Report (pronounced: /ˈɔːdɪt rɪˈpɔːrt/) is a formal document that communicates the results of an audit. It is prepared by an auditor or an audit firm, who has examined the financial statements and supporting documents of a company or organization.

Etymology

The term "Audit Report" is derived from the Latin word "audire" which means "to hear", and the Old French word "report" which means "to bring back". In the context of accounting and finance, it refers to the process of examining and verifying a company's financial records and then reporting on the findings.

Definition

An Audit Report is a detailed document that provides an opinion on whether a company's financial statements are accurate, complete, and in accordance with the generally accepted accounting principles (GAAP). It is usually prepared by an independent auditor or an audit firm, who has been hired by the company to conduct an audit.

Types of Audit Reports

There are four main types of audit reports:

1. Unqualified Opinion: This is the best type of report a company can receive. It means that the auditor has found that the financial statements are a fair and accurate representation of the company's financial position.
2. Qualified Opinion: This type of report is issued when the auditor has found some issues with the company's financial statements, but they are not serious enough to invalidate the entire report.
3. Adverse Opinion: This is the worst type of report a company can receive. It means that the auditor has found significant issues with the company's financial statements, and they are not a fair and accurate representation of the company's financial position.
4. Disclaimer of Opinion: This type of report is issued when the auditor is unable to complete a thorough audit for some reason.

Related Terms

• Financial Statement
• Auditor
• Accounting
• Finance
• Internal Audit
• External Audit

External links

• Medical encyclopedia article on Audit report
• Wikipedia's article - Audit report

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