Issuing Audit Reports

Essay by lalaboltUniversity, Bachelor'sB+, January 2010

download word file, 3 pages 3.0

Running head: Week Five Issuing Auditing ReportsWeek FiveUniversity of PhoenixACC 492 Auditing IIRunning head: Week Five Issuing Audit ReportsAbstractIn the term paper I will explain the Issuing Audit Reports Simulation Concepts. I will summarize the results of the simulation assessment and discuss the following three points in the simulation that I will answer about the Market Structure Simulation:1. What are the different types of audit reports and when should each be used?b. In what types of situations would an auditor be allowed to issue an unqualified audit report?c. To what extent is the auditor liable for misstatements in the financial statements of the audited company?Week FiveIssuing Auditing ReportsIn the business world companies and individuals rely incontestably on the assertions made by the auditor that they have hired to do their annual audit (University of Phoenix, 2009).

As a partner in the firm Kenneth Rush and Associates (KRA) I have been assigned two giant clients ClariCall and Avion.

I need to make a decision on what type of audit I will perform. In addition, I will have assistance and input from the CEO Kenneth Rush and a Senior Partner Alicia White. I also will have access to counsel from consultant Renee De Gaulle a leader in Airline Industry (University of Phoenix, 2009).

The first question asked is "What are the different types of audit reports and when should they be used?" (University of Phoenix, 2009). The first audit involves the corporation ClariCall as their auditor I have consulted with Senior Partner Alicia White in which she has told me that their revenue account shows a significant number of sales to a small number of customers (University of Phoenix, 2009). It is a fine idea to receive bank confirmations from the...