International Auditing Standards in the United States, 2nd Edition

CHAPTER 11

Audit Reports and Communication

Introduction

In this chapter we focus on the following with particular emphasis on differences (when differences exist) between International Standards on Auditing (ISA) and the standards set by Public Company Accounting Oversight Board (PCAOB):

• What is the purpose of an auditor’s report?
• What items should go into an auditor’s report?
• What uncertainties should lead to a qualification of audit opinions?
• When should the auditor issue a modified opinion as opposed to an unmodified opinion?
• If and when should auditors communicate with those charged with corporate governance?
• What criteria go into deciding on whether an audit report should be modified (by the United States) or qualified (internationally)? ...