5. Audit Reports ２

OTHER REPORTING SITUATIONS

次で詳しく説明します。

GAAP PROBLEM

監査をやっていた時、会計上の問題が発覚したらGAAP Problemです。

会計上の重大な問題を見つけたら、Qualified opinionにします。超重大だと、Adverse opinion（不適正）にします。

GAAP（会計上）の問題になるのは…

・    Inadequate Disclosure（Disclosureが不十分）

・    Unjustified Accounting Change（Justifyしていたら適正意見でEmphasis-Of-Matter Paragraph）

Qualified Opinion

・    Introductory Paragraph：適正意見のIntroductory Paragraphと、一言一句同じです。

・    Management’s Responsibility Paragraph：一言一句同じです。

・    Auditor’s Responsibility Paragraph：少し変えます。“…a basis for our qualified opinion.”というフレーズを入れます。

・    Basis-for-Qualified-Opinion Paragraph：Opinion Paragraphの前に入れて理由を述べます。

・    Opinion Paragraph：“In our opinion, except for…”という殺し文句を入れます。

Independent Auditor’s Report

Address

(Same first and second paragraph as report with unmodified opinion)

Auditor’s Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America. These standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statement, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design the audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified audit opinion.

Basis for Qualified Opinion

The company’s financial statements do not disclose significant related party transactions. In our opinion, disclosure of the information is required by accounting principles generally accepted in the United State of America.

Opinion

In our opinion, except for the omission of the information described in the Basis for Qualified Opinion paragraph, the financial statements referred to above present fairly, in all material respects, the financial position of XYZ Company as of December 31, year 1, and the results of its operations and its cash flows for the year then ended in accordance with accounting principles generally accepted in the United States of America.

Auditor’s Signature, Auditor’s City & State, Date

Adverse opinion

・    Introductory Paragraph：一言一句同じです。

・    Management’s Responsibility Paragraph：一言一句同じです。

・    Auditor’s Responsibility Paragraph：“…a basis for our adverse opinion.”

・    Basis-for-Adverse-Opinion Paragraph：Opinion Paragraphの前に入れて理由を述べます。

・    Opinion Paragraph：“…do not present fairly…”　適正ではありません。この財務諸表はウソです。

Independent Auditor’s Report

Address

(Same first and second paragraphs as report with unmodified opinion)

Auditor’s Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America. These standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design the audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control.  Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our adverse audit opinion.

Basis for Adverse Opinion

As described in Note X to the financial statements, the Company carries its property, plant, and equipment accounts at appraised values, and provides depreciation on the basis of such values. In our opinion, property, plant, and equipment stated at an amount not in excess of cost, reduced by depreciation based on such amount, is required by accounting principles generally accepted in the United States of America.

Opinion

In our opinion, because of the significance of the matter discussed in the Basis for Adverse Opinion paragraph, the financial statements referred to above do not present fairly, in all material respects, the financial position of XYZ Company as of December 31, year 1, and the results of its operations and its cash flows for the year then ended in accordance with accounting principles generally accepted in the United States of America.

Auditor’s Signature, Auditor’s City & State, Date

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