Scribd Logo
Upload

Welcome to Scribd!

  • 3 views

    Report

    Uploaded by

    poojajain150197
    ..

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd

    Report

    Uploaded by

    poojajain150197
    3 views3 pages
    ..

    Copyright

    © © All Rights Reserved

    Available Formats

    DOCX, PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    ..

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    3 views3 pages

    Report

    Uploaded by

    poojajain150197
    ..

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    You are on page 1of 3

    GRANT THORNTON LLP REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS

    Address 1
    Address 2
    City, State Zip

    D +1 000 000 0000


    F +1 000 000 0000

    1.03 AICPA financial statement audit report


    October 2021

    1. This report, under AICPA standards, is used when an unmodified opinion on the
    financial statements is expressed.

    2. The report assumes that the financial statements are prepared in accordance
    with US GAAP, a general purpose framework, and that an internal control audit is
    not being performed.

    3. Firm policy requires consultation with the PPD when the audit team concludes
    that a modified opinion on the financial statements is necessary.

    4. Refer to AARM Chapter 19 for guidance related to reporting on Key Audit Matters
    (KAMs), which is not required unless the entity engages the firm to report on
    KAMs.

    5. The title “Report on the financial statements” is required when the firm is also
    reporting on other legal and regulatory requirements. Such additional reporting
    should be included under a separate title, “Report on other legal and regulatory
    requirements,” that follows the report on the financial statements. Use Arial, 9.5,
    bold for these titles.

    Board of Directors
    ABC Company

    Opinion
    We have audited the (consolidated) financial statements of ABC Company (an Illinois
    corporation) (and subsidiaries) (the “Company”), which comprise the (consolidated)
    balance sheets as of December 31, 20X1 and 20X0, and the related (consolidated)
    statements of comprehensive income (or: income, comprehensive income), changes
    in stockholders’ equity, and cash flows for the years then ended, and the related
    notes to the financial statements.

    In our opinion, the accompanying (consolidated) financial statements present fairly, in


    all material respects, the financial position of the Company as of December 31, 20X1
    and 20X0, and the results of its operations and its cash flows for the years then ended
    in accordance with accounting principles generally accepted in the United States of
    America.

    GT.COM Grant Thornton LLP is the U.S. member firm of Grant Thornton International Ltd (GTIL). GTIL and each of its member firms
    are separate legal entities and are not a worldwide partnership.
    Basis for opinion
    We conducted our audits of the (consolidated) financial statements in accordance
    with auditing standards generally accepted in the United States of America (US
    GAAS). Our responsibilities under those standards are further described in the
    Auditor’s Responsibilities for the Audit of the Financial Statements section of our
    report. We are required to be independent of the Company and to meet our other
    ethical responsibilities in accordance with the relevant ethical requirements relating to
    our audits. We believe that the audit evidence we have obtained is sufficient and
    appropriate to provide a basis for our audit opinion.

    Responsibilities of management for the financial statements


    Management is responsible for the preparation and fair presentation of the
    (consolidated) financial statements in accordance with accounting principles generally
    accepted in the United States of America, and for the design, implementation, and
    maintenance of internal control relevant to the preparation and fair presentation of
    (consolidated) financial statements that are free from material misstatement, whether
    due to fraud or error.

    In preparing the (consolidated) financial statements, management is required to


    evaluate whether there are conditions or events, considered in the aggregate, that
    raise substantial doubt about the Company’s ability to continue as a going concern for
    [insert the time period set by the applicable financial reporting framework; for US
    GAAP: one year after the date the financial statements are issued (or: available to be
    issued)].

    Auditor’s responsibilities for the audit of the financial statements


    Our objectives are to obtain reasonable assurance about whether the (consolidated)
    financial statements as a whole are free from material misstatement, whether due to
    fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable
    assurance is a high level of assurance but is not absolute assurance and therefore is
    not a guarantee that an audit conducted in accordance with US GAAS will always
    detect a material misstatement when it exists. The risk of not detecting a material
    misstatement resulting from fraud is higher than for one resulting from error, as fraud
    may involve collusion, forgery, intentional omissions, misrepresentations, or the
    override of internal control. Misstatements are considered material if there is a
    substantial likelihood that, individually or in the aggregate, they would influence the
    judgment made by a reasonable user based on the (consolidated) financial
    statements.

    In performing an audit in accordance with US GAAS, we:

     Exercise professional judgment and maintain professional skepticism throughout


    the audit.
     Identify and assess the risks of material misstatement of the (consolidated)
    financial statements, whether due to fraud or error, and design and perform audit
    procedures responsive to those risks. Such procedures include examining, on a
    test basis, evidence regarding the amounts and disclosures in the financial
    statements.
     Obtain an understanding of internal control relevant to the audit in order to design
    audit procedures that are appropriate in the circumstances, but not for the
    purpose of expressing an opinion on the effectiveness of the Company’s internal
    control. Accordingly, no such opinion is expressed.
     Evaluate the appropriateness of accounting policies used and the
    reasonableness of significant accounting estimates made by management, as
    well as evaluate the overall presentation of the (consolidated) financial
    statements.
     Conclude whether, in our judgment, there are conditions or events, considered in
    the aggregate, that raise substantial doubt about the Company’s ability to
    continue as a going concern for a reasonable period of time.

    We are required to communicate with those charged with governance regarding,


    among other matters, the planned scope and timing of the audit, significant audit
    findings, and certain internal control-related matters that we identified during the audit.

    GRANT THORNTON LLP (signed manually)

    City, State
    Date

    You might also like