Wiley Practitioner's Guide to GAAS 2022

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 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”
  • Interpretation No. 4, “Reporting on Audits Conducted in Accordance with Auditing Standards Generally Accepted in the United States of America and the Standards of the PCAOB”
• AU-C 700 Illustrations

SCOPE

AU-C 700 provides guidance on the auditor's responsibility to form an opinion on a complete set of financial statements and the form and content of the auditor's report. (AU-C 700.01–.02) This section is not applicable to reporting on employee benefit plans subject to ERISA. (AU-C 700.03)

DEFINITIONS OF TERMS

Source: AU-C 700.10. For definitions related to this standard, see Appendix A, “Definitions of Terms”: Comparative financial statements, Comparative information, ...