Audit is the examination of the account of a concern by independent expert, with a view to express in opinion thereon.
This opinion of the auditor is called as "
audit report". Audit report is the last step in the entire process of audit. It is the judgement of auditor regarding particular concern for whom he is
appointed.
Contents:
Audit report under any law contain the matter presribed under law.
1. Audit Report should be issued on the printed letterhead of the auditor which bear title "Audit Report"
2. Audit report should be addressed to the person who has appointed auditor.
3. Audit report should be identify period financial statement.
4. Audit report should state that resposibility is of mangement, as resposibility of auditor is upto to express his opinion regarding financial statement.
5. Audit report should describe the scope of the audit. i.e. examining, supporting evidence on test basis, it is as per accounting standard, estimates made by management, the presentation.
6. Audit report should clearly give the auditor's opinion whether the financial statement gives true and fair view of p&l and B/s.
7. Audit report should give place of signature.
8. Audit report should indicate date of complition of audit and the report was signed.
9. Audit report should be properly signed by the auditor with membership no. assigned by ICAI.