08121425 Level I Training Book

2/21/25

The Financial Audit Report Contents

• Auditor’s Opinion • MD&A (if included) • Financial Statements • Notes to the Financial Statements • Supplementary Schedules (if included)

13

Types of Audit Opinions

• Unmodified (a clean bill)

• Qualified (with some reservation)

• Adverse (financials are not presented in accordance with GAAP)

• Disclaimer (unable to form an opinion)

14

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