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What are the basic elements of Auditor’s report?

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posted Jun 15 by Mukul Chag

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As per the Standards on Auditing - 700, the basic elements of Auditor's report are as follows -
Title- The auditor's report should have an appropriate title.

Addressee - It should contain the proper title of addressee (generally the report is addressed to the authority appointing the Auditor)

The Introductory paragraph - This paragraph should contain the identification of financial statement audited and a statement of responsibility of the entity's management and the responsibility of the auditor.

Scope paragraph - This paragraph should include reference to the auditing standards generally accepted in India and the description of the work performed by the auditor.

Opinion paragraph - This paragraph should include a reference to the financial reporting framework used to prepare the financial statement and his expression of opinion on the financial statement.

Date of the report - The date on which the report is finalized.

Place of signature- It is generally the name of city where the audit report in signed.

Auditor's signature- The report should be signed in the auditor's personal name (as well as firm's name if auditing is done by firm) along with the membership number assigned by the Institute of Chartered Accountants of India.

answer Jun 15 by Diya Borda
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