Wiley Practitioner's Guide to GAAS 2020

30AU-C 700 Forming an Opinion and Reporting on Financial Statements

Scope

Definitions of Terms

Objectives of AU-C Section 700

Requirements Forming an Opinion

Requirements: Auditor’s Standard Report

Components of Auditor’s Standard Report

Requirements: Reports on Comparative Financial Statements

General

Reissuance of Predecessor Auditor’s Report

Predecessor Auditor’s Report Not Reissued

Interpretations

Interpretation No. 1, “Reporting on Financial Statements Prepared on a Liquidation Basis of Accounting”

Interpretation No. 2, “Sustainability Financial Statements under Federal Financial Accounting Standards—Auditor Reporting”

Interpretation No. 3, “Reporting on Audits Conducted in Accordance with Auditing Standards Generally Accepted in the United States of America and International Standards on Auditing”

AU-C 700 Illustrations (Source: AU-C 700.58)

Illustration 1. An Auditor’s Report on Consolidated Comparative Financial Statements Prepared in Accordance with Accounting Principles Generally Accepted in the United States of America

Illustration 2. An Auditor’s Report on a Single Year Prepared in Accordance with Accounting Principles Generally Accepted in the United States of America

Illustration 3. An Auditor’s Report on Consolidated Comparative Financial Statements Prepared in Accordance with Accounting Principles Generally Accepted in the United States of America When the Audit Has Been Conducted in Accordance with Both Auditing Standards Generally Accepted in the United States ...