Question

Identify similarities and differences between the Standard Unmodified Opinion Audit Report for a U.S. Nonpublic Company (AICPA makes auditing standards) and the Standard Unmodified Opinion Audit Report for a U.S. Public Company (PCAOB makes auditing standards). Do more than use general terms; you need to be specific. Concerning a public company, it is registered with the Securities & Exchange Commission (SEC) and its stock or equity is exchanged through a market like the New York Stock Exchange, or NASDAQ, etc. Samples of such include Walmart, Apple, etc. A nonpublic company is a private entity that does not sell its equity in a public fashion. Dell is a private entity that was previously a public company. The Big Four are all private partnerships legally structured generally as a LLP or maybe a LLC.

Answer 1

Page-1 Answers As per the given question, the answer is the differences between the Standard Inmodified Audit report for a Us Nonpublic company and a Us public company. - An unqualified opinion is an independent auditor's judgement that a company's financial statements are fairly and appsopcially presented without any exceptions, and in compliance with accounting standards. . The standard unmodified opinion audit report for a non public entity under AICRA auditing standards and the standard unqualified report for a public company under 'PCAOB' auditing standards are very similar in substance. The introductory paragraphs are similar, although the public company sepoot includes the responsibilities and of management the auditor. In contrast, the report for the non public

managen Lolity. These birmation on Page-2 entity has seperate paragraphs for managements and the auditor's responsibility. These paragraphs provide additional information on the nature of these responsibilities. - The Scope paragraphs in each report are similar, However, there are responsibilities in the description of the nature of the auditor's testing. The report for the non-public company also include that the auditor . considers internal control in designing the audit procedures, and not for the purpose of expressing an opinion on internal controli

page-3 The AS - 5 report has a paragraph that references the audit team's report and opinion on the entity's internal contool over financial Opporting which is required in the audit of a public entity but does not exist for the audit of a non- public entity. The report for public entities uses a number of different subject headings to identify different sections of the repost - x