What does auditor's report mean on the CPA exam?
Auditor's report. The document carrying the opinion, with its sections in a fixed order. Its wording is prescribed, so a changed phrase signals a changed conclusion.
Defined against AU-C 700.21.
Which CPA exam sections use auditor's report?
Auditor's report appears in the BAR section of the CPA exam.
Other terms defined against AU-C 700
- auditor's opinion: The conclusion the audit exists to produce.
- present fairly: The overall judgment behind an opinion: the statements as a whole give a true picture within the applicable framework, beyond mere technical compliance with each rule.
- unqualified opinion: The clean opinion: the statements are presented fairly in all material respects.
Related terms
- report release date: The date the auditor grants the entity permission to use the report.
- SOC 1 Type 1 report: A report on the fairness of the description and the suitability of the design of controls, at a point in time.
- SOC 1 Type 2 report: A report covering the description, the suitability of design, and the operating effectiveness of controls over a period.
- SOC 2 report: A report on a service organization's controls against the trust services criteria, covering security plus any of availability, processing integrity, confidentiality, and privacy that are selected.
- SOC 3 report: A general use report on the same trust services criteria as a SOC 2, without the system description or the tests and results.
- carve-out method: Excludes a subservice organization's control objectives and controls from both the description and the scope of the service auditor's report.