Auditors’ Reports — Non-Issuers (Portfolio 5400)

  • This Portfolio outlines the competing roles that independent auditors and counsel for public companies play and the professional conflicts those roles create.


Portfolio 5400, Auditors’ Reports — Non-Issuers, provides sample audit reports and sample language for use by auditors of non-issuers. The Portfolio includes discussion and analysis of the standard audit report and circumstances that require modification of the opinion or the report. The Portfolio also covers reporting on supplementary information, reporting on summary financial statements, reporting on group financial statements, reporting on financial statements prepared in accordance with a special purpose framework, reporting on audits of single financial statements and single elements, accounts or items, and reporting on compliance with contractual agreements or regulatory requirements.

In addition, this Portfolio provides examples and discussion of audit reports on financial statements prepared for use outside the United States. This Portfolio discusses, analyzes, and illustrates the application of pertinent AICPA standards. The Portfolio includes discussion of differences between AICPA standards and International Accounting Standards as they relate to audit reports.

This Portfolio does not cover attestation reports (including reports on internal control), reviews of interim information, letters to management or underwriters, or reports on the application of accounting principles. Finally, it does not cover compilation and review reports.

The audit report results from the audit process. Although this Portfolio focuses on the audit report, auditors are reminded that professional standards also provide detailed guidance on the procedures that should precede the issuance of any report. Auditors should refer to relevant professional literature for complete guidance on planning and performing audit procedures.

This Portfolio may be cited as Bloomberg Tax 5400, Mastracchio and Starczewski, Auditors’ Reports — Non-Issuers (Accounting Policy and Practice Series).

Table of Contents

I. Introduction
II. The Four Reporting Standards: The Foundation for the Auditor’s Report
III. The Standard Audit Report
IV. Modification of the Standard Auditor’s Report Involving the Audit Opinion
V. Explanatory Language Added to the Auditor’s Report
VII. Comparative Reports
VIII. Accounting Changes
IX. Part of the Audit Performed by Other Independent Auditors
X. Involvement With Other Information
XI. Going Concern Considerations
XII. Reports Prepared on an Other Comprehensive Basis of Accounting (OCBOA)
XIII. Other Types of Special Reports
XIV. Unique Reporting Considerations for Certain Types of Entities
XV. Reporting on Internal Control
XVI. Reports Prepared for Use in Other Countries and Reports Prepared According to international Standards on Auditing
XVII. Other Types of Reports Not Covered in This Portfolio

Nicholas Mastracchio, Jr.
Associate Professor
University of South Florida
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