Where should the Opinion paragraph be located in the Audit report? Why?
Where should the Opinion paragraph be located in the Audit report? Why?
Homework Answers
Answer -
Audit opinion is included in 3rd paragraph in auditor's report after Management responsibility (Introductory paragraph) and auditor's responsibility (scope paragraph).
Audit opinion should be given in 3rd paragraph. Reason being since auditor is giving opinion on financial statements of company and audit opinion is based on the scope of work he has done on financial statement prepared by management.
For giving opinion, first it should be specified that who has prepared the financial statement and how the audit was done on these statements on which opinion is given.
Hence it is appropriate to give audit opinion in 3rd paragraph.
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