Describe the parts of the standard unmodified opinion audit report for nonpublic entities under AICPA auditing standards. Specify the conditions required to issue the standard unmodified opinion audit report.

AUDIT REPORTS

LEARNING OBJECTIVES
After studying this chapter, you should be able to
3-1 Describe the parts of the standard unmodified opinion audit report for nonpublic entities under AICPA auditing standards.
3-2 Specify the conditions required to issue the standard unmodified opinion audit report.
3-3 Understand reporting on financial statements and internal control under PCAOB auditing standards.
3-4 Describe the five circumstances when an emphasis-of-matter explanatory paragraph or nonstandard wording is appropriate to include in an unmodified opinion audit report.
3-5 Identify the types of audit reports that can be issued when an unmodified opinion is not justified.
3-6 Explain how materiality affects audit reporting decisions.
3-7 Draft appropriately modified opinion audit reports under a variety of circumstances.
3-8 Determine the appropriate audit report for a given audit situation.
3-9 Understand the use of international accounting and auditing standards by U.S. companies.