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After conducting the audit on the financial records and the business transactions, the independent auditor has to prepare a report to know as the independent auditor report as per the Generally Accepting Auditing Standards (GAAS). This is the report that documents the data of the audit process that are of paramount interest.
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indore-icai.orgWhat Do You Understand by Independent Auditor?
An independent auditor is an individual who is a certified public accountant or a charted accountant. He has the responsibility of examining the financial records and the business transactions of the organization with which he is not associated. An independent auditor is a third-party auditor.
What is an Independent Auditing?
The process of the independent audition can be defined as the examination or the evaluation of the organization’s financial records, transactions, accounts, accounting practices, etc. by an independent auditor who is not associated with the organization.
This helps to keep the auditor’s report unbiased and the auditor is able to disclose his true opinion on the organization without getting manipulated or manipulating the data.
The primary objective of independent auditing is that the auditor needs to find out whether the financial records of the organization are in accordance with the generally accepted auditing principles.
How Will You Prepare an Independent Auditor Report?
Step 1: The Responsibility
The first paragraph contains the responsibility of the auditor and the director. This paragraph states the roles and responsibilities that the auditor has towards the auditing process. When an audit is conducted, the auditor is guided by certain standards and rules throughout the process. As per those guidelines, the auditor is bestowed with responsibilities that he needs to fulfill to successfully complete the audit.
Step 2: The Scope
The second paragraph is the scope of the audit. The auditor needs to mention the scope of the audit. It is the depth to which the auditor delves to find out the desired outcome. The auditor prepares the scope based on the guidelines that are officially set.
Step 3: The Auditor’s Opinion
It is the last paragraph that contains the conclusion of the audit process. The audit expresses his opinion in four different ways. There are four types of auditor opinion:
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Unqualified Opinion
This can also be termed as a clean opinion. When the auditor does not find any kind of material miss statement on the financial statement. This type of opinion is also given by the auditor when the internal control of the organization takes the responsibility of the establishment and maintenance.
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Qualified Opinion
The Auditor gives this opinion in case the auditor finds that the financial records do not follow GAAP standards. This is very similar to the unqualified one except for the fact that the auditor has to add an extra paragraph about the deviation from the GAAP standards.
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Adverse Opinion
This is the most unfavorable opinion that an organization can receive from the auditor. This opinion is based on the factor that neither the financial record is according to the GAAP standards nor are the records well-maintained.
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Disclaimer Opinion
This is the opinion that is passed by the auditor when the auditor is unable to complete the auditing process. There can be two reasons for that. Either there were insufficient data and records or there was an issue with the management due to lack of proper cooperation.
What is the Importance of Independent Auditor Report?
The Independent auditor’s report is the general statement from the auditor stating that whether the financial records are in maintenance according to the standards of the Generally Accepted Accounting Principles (GAAP). This is important because the bank and the creditors check the auditor’s statement on the company’s financial records before they lend any amount to the organization.
One of the primary reasons can also be to provide assurance to the partners, client, customer, etc. that they can trust the organization based on the report that the auditor has prepared by auditing the financial records of the organization.
The independent auditor report can actually serve as evidence that one can trust and work with the concerned organization.
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