(855) 4-ESSAYS

Type a new keyword(s) and press Enter to search

Auditors' Opinion Memo

            This memo is written to inform you of how the auditors" opinion recognizes the absence of absolute accuracy of a company's financial statements.
             In order for an auditor to show that his/her opinion is absence from absolute accuracy, he/she prepares an Independent Auditors" Report. This report, which is used by independent Certified Public Accountant, gives the Accountants" opinion about how fairly the financial statements have been presented. It deals with the company's credibility of the financial statements and is addressed to the Board of Directors and Stock Holders. These independent auditors, using the financial statements prepared by the managers of the company, add the necessary creditability to management figures.
             This short report is divided into three sections. The first section is the introductory paragraph. It identifies the financial statements subject to the auditors" report and states that the company's management is responsible for the financial statements and the auditors are responsible for expressing an opinion on the financial statements.
             The second section is the scope section. This section states that the examination was conducted according to the generally accepted accounting principles (GAAP). It describes the nature and objectives of the audit. This section makes it known that the auditors gives no guarantees that the financial statements are free from transactions or from effects of errors (University of Phoenix, 2002, p 253).
             The third section is the opinion paragraph. This section states the auditors" results of the audit. It does not guarantee that the statements are absolutely correct. This section simply state the opinion about whether the financial statements "present fairly" in accordance with the GAAP.
             As you have read, the Independent Auditors" Report is a very important document for auditors. The information in this document speaks specifically on what the auditors" responsibilities are.


Essays Related to Auditors' Opinion Memo

1. Memo On Auditor's Opinion

Memo on Auditor's Opinion After reading this section of the book it made me question the accuracy of most financial statements. It basically stated that you would get what you pay for. Example E3-3 ... the smaller companies who just may not know or can't afford it? I say it is not fare at all, and there should be someone or some group who monitor's these auditors to make sure that they are doing the best job possible. It is only right that the general public have the most accurate information before being able to make a decision ... ...

  • Word Count: 410
  • Approx Pages: 2

2. Enron and the Sarbanes Oxley Act

... reporting, auditing, disclosure, and ethics requirements for companies! SOX impacted managerial structure and government regulation of public companies by raising the accountability for corporate executives, board of directors, independent auditors, and corporate attorneys (Cernusca). It led to greater internal control of financial reporting, an increase in overall expertise and independence among boards and directors, and led to better control ... in accordance with all laws and act in a moral and honest manner founded upon respect, integrity, and communication, but it looks like some ...

  • Word Count: 3410
  • Approx Pages: 14
  • Has Bibliography
  • Grade Level: Graduate

3. Impact of E-payment in Curtailing Fraud in Government Agencies

... , or other property owned or held by individual or organization. Fraudulent practices:- all the illegal means of acquiring and processing an asset to the disadvantages of another person. Internal Auditors: - An independent department within an organization to review and ensure compliance with management financial policies. Electronic fund transfers – electronic fund transfers a retail payment system which allowed the ... Pay Officers (CPO) collect cash from the bank for the purpose of disbursement to any government official. The detailed implementation guidelines for the e-payment as se...

  • Word Count: 8424
  • Approx Pages: 34
  • Has Bibliography
  • Grade Level: High School

Got a writing question? Ask our professional writer!
Submit My Question