AUDITING
THE INDEPENDENT AUDITOR’S REPORT ON A
COMPLETE SET OF GENERAL PURPOSE FINANCIAL
STATEMENTS (BSA-700)
Lecture # 20
“General purpose financial statements” are financial statements prepared in accordance with a
financial reporting framework that is designed to meet the common information needs of a wide
range of users.
The Auditor’s Report on Financial Statements
The auditor’s report should contain a clear expression of the auditor’s opinion on the financial statements.
The objective of an audit of financial statements is to enable the auditor to express an opinion
whether the financial statements are prepared, in all material respects, in accordance with the
applicable financial reporting framework.
Elements of the Auditor’s Report in an Audit Conducted in Accordance with International
Standards on Auditing
The following elements of the auditor’s report when the audit has been conducted in accordance
