24 May financial statements
Based on the definition of auditing and on the coverage of the audit report in Chapter 2, do you think users of financial statements should expect those statements to be free of errors and fraud? Do auditors make this guarantee when they provide the firm with a “clean opinion?” Answer in your own words and defend your position.
Hint – Your answer should reference the specifics of the standard audit report and the definition of auditing to support your answer.
2) The wording in audit reports is rigidly regulated and highly standardized. Deviations from the standard wording are only made under very specific circumstances and the specific wording changes are tightly regulated. Do you think it is desirable to have such tight regulation over the wording of the audit report? Why or why not?
Hint – Chapter 2 represents a picture of a highly structure set of guidelines and rules the dictated the specific wording of an audit report. This is a pure opinion question, but I want you to provide a reasoned answer about the strengths and weaknesses of loosening the rules and guidelines, which would give auditors more latitude to use judgment on what they include in their reports
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