AICPA professional standards provide uniform wording for the standard unqualified audit report. For each of the seven parts:
1-List the specific report parts.
2-Identify the contents of each part.
3-Determine if a qualified opinion, adverse opinion, or a disclaimer of opinion would be issued for each of the above occurrences.
Write a brief statement with the appropriate wording.
1-Assume the following occurred during the audit at ABC Corp:
2-ABC Corp's management restricted the auditors by not allowing them to confirm the raw material receivables.
3-Management members valued fixed assets at their replacement cost.
The lead auditor was the nephew of a member of the board of directors.