8 terms

Audit 411 Standard Unqualified Report

The components of the Standard Unqualified Report on Comparative Statements
1. Report Title.
2. Audit Report Address.
3. Introductory Paragraph.
4. Scope Paragraph.
5. Opinion Paragraph.
6. Name of CPA Firm.
7. Audit Report Date.
Report Title
Independent Auditor's Report
Audit Report Address
To the Stockholders
General Ring Corporation
Introductory Paragraph
We have audited the accompanying balance sheets of General Ring Corporation as of December 31, 2007 and 2006, and the related statements of income, retained earnings, and cash flows for the years then ended. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audits.
Scope Paragraph
We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the statements are free from material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
Opinion Paragraph
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of General Ring Corporation as of December 31, 2007 and 2006 and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.
Name of CPA Firm
Audit Report Date
(Date audit field work is completed)