Reports on Audited Financial Statements definition

Reports on Audited Financial Statements and such report shall be "Unqualified" (as such term is defined in such Statement).

Reports on Audited Financial Statements and such report shall be "UNQUALIFIED" (as such term is defined in such Statement).

Reports on Audited Financial Statements and such report shall be “Unqualified“ (as such term is defined in such Statement), except for a “going concern” qualification.

Examples of Reports on Audited Financial Statements in a sentence

• These notes are included in paragraphs .08 and .09 of PCAOB AU Section 508, Reports on Audited Financial Statements, available at http://www.pcaob.org/standards/interim_standards/auditing_standards/ index_au.asp?series=500&section=500.(2) The report may be addressed to the company whose financial statements are being audited or to its board of directors or stockholders.

• Reporting guidance for such situations is provided in section 508, Reports on Audited Financial Statements [new proposed title] Departures from Unqualified Opinions and Other Reporting Circumstances.

• Section 508, Reports on Audited Financial Statements [new proposed title] Departures from Unqualified Opinions and Other Reporting Circumstances, paragraph .24, states that, "When restrictions that significantly limit the scope of the audit are imposed by the client, ordinarily the auditor should disclaim an opinion on the financial statements." Also, section 333 on Management Representations requires the auditor to obtain written representations from management.

• See section 508, Reports on Audited Financial Statements, paragraphs .16–.18.

• If he disclaims an opinion, the uncertainties and their possible effects on the financial statements should be disclosed in an appropriate manner (see paragraph .10), and the auditor's report should give all the substantive reasons for his disclaimer of opinion (see section 508, Reports on Audited Financial Statements [new proposed title] Departures from Unqualified Opinions and Other Reporting Circumstances, paragraphs .61-.63).

• The four common types of auditor’s opinions as defined by the American Institute of Certified Public Accountants (Reports on Audited Financial Statements, AU §508.10) are outlined below.

• Member funds are major shareowners with a duty to protect the retirement assets of millions of American workers.2The Council appreciates the opportunity to respond to the Public Company Accounting Oversight Board’s (“PCAOB” or “Board”) Concept Release on Possible Revisions to the PCAOB Standards Related to Reports on Audited Financial Statements and Related Amendments to PCAOB Standards (“Release”).

• Concept Release on Possible Revisions to PCAOB Standards Related to Reports on Audited Financial Statements and Related Amendments to PCAOB Standards, PCAOB Release No. 2011-003, 34 PCAOB Rulemaking Docket Matter 1 (June 21, 2011), http://pcaobus.org/Rules/Rulemaking/Docket034/Concept_Release.pdf [hereinafter Release].

• In such circumstances, auditors should advise management to make appropriate disclosure of the newly discovered facts and 63AU Section 420, Consistency of Application of GAAP, and AU Section 508, Reports on Audited Financial Statements, provide guidance on when to reissue auditors’ reports on restated financial statements.

• Accordingly, the auditor should follow the reporting guidance in section 508, Reports on Audited Financial Statements, paragraphs.35–.44 and .58–.60.

More Definitions of Reports on Audited Financial Statements

Reports on Audited Financial Statements which report may include a “going concern” or like qualification; provided, however, in the event Great Lakes receives a report in any Fiscal Year which is “Unqualified” (as such term is defined in such Statement), then each subsequent year’s report shall be “Unqualified” unless any such “going concern” or similar qualification could not reasonably be expected to result in a Material Adverse Effect.

Reports on Audited Financial Statements and such report shall be “Unqualified” (as such term is defined in such Statement) and (3) the unaudited balance sheet of the Borrower as at the end of such year, and, the related statement of income for such fiscal year.

Reports on Audited Financial Statements and such report shall be “Unqualified” (as such term is defined in such Statement) and (4) a schedule reflecting proceeds collected on owned Asset Pools which shall be included as footnote in such audited Financial Statements.