How to Write an Audit Report Template
An audit report is a written document that contains the auditor’s opinion about the financial statement of an entity. In writing this kind of report, you have to use a standard format. There are some variations that you can try. However, it should depend on the circumstance of the work.
How to Create an Audit Report
Basically, an audit report template should be started with a title. It depends on the type of report you want to write. After that, you will need to mention the addressee clearly. Then, what you have to include is the responsibility of the auditor.
The next part is opinion. In this part, you have to mention the impression obtained from the audit of your financial statement. Next, you also need to include the basis of the opinion in your audit report form. It is very important to provide the facts of your basis to make it more credible.
Sometimes, there are some other reporting responsibilities. So, they should be included, too. Then, do not forget to provide the signature of the auditor. The place of the signature must also be stated. It is usually the city where the audit signed it. Last, you cannot forget about the date of the signature.
Opinions of an Audit Report
In an audit report document, there are some types of opinions. The first is an unqualified opinion. It can also be called a clean opinion. This is an audit report issued when the auditor determines that the financial records do not contain misrepresentations and are well-maintained.
The second is a qualified opinion. A company will receive this opinion when it did not maintain its financial records according to the GAAP standards. But it may also indicate that the auditor did not find misrepresentations.
The third is an adverse opinion. It is considered the worst type of opinion for an audit report sample. It may be an indication that the company cannot maintain its financial records well. Besides, they also provide the financial records that were misrepresented grossly. So, you have to fix the financial records.
Another type is a disclaimer of opinion. Rarely, an auditor cannot complete an accurate report. It happens for various reasons such as an absence of the financial records required. When it happens, the auditor issues this to the company. It states that the auditor cannot determine their financial status.
Tips in Creating an Audit Report
In creating this document, you have to know the proper audit report format. You have to start it with the title & introduction. The introduction should only be in one paragraph where you need to include the company’s name and also the date covered by the audit.
After that, you have to explain the auditor’s responsibilities and the company’s directors. Make sure that you provide the information completely and accurately. Finally, your audit report should contain the basis of opinion. You should start with the auditor’s opinion & explain it as clearly as possible.
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