Professional judgment is at the core of auditing.
The illustrative independent auditor's report template has been updated to reflect the reporting standards established by AICPA Statement on Auditing Standards Nos. 134 through 140.
Vital for auditors seeking to elevate their audits of not-for-profit organizations, the illustrative independent auditor's report template provides essential updates for auditors aiming to align with current best practices and regulatory requirements.
By following the guidance provided and adhering to the latest auditing standards, you can enhance the quality and reliability of your audit reports. Auditors should exercise professional judgment in any situation not specifically addressed in the illustrative report provided.
Generally accepted auditing standards (GAAS) require certain elements to be present in an auditor’s report on an entity’s financial statements that are prepared in conformity with GAAP. These requirements are provided in AICPA . Refer to the AICPA Audit and Accounting Guide for additional information and examples.