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Public
Company Accounting Oversight
Board
Bylaws
and Rules – Standards – AS1
Auditing
Standard No. 1: References in Auditors’ Reports
to the Standards of the Public Company
Accounting Oversight
Board
APPENDIX
The
following is an illustrative report on an audit
of financial statements:
Report
of Independent Registered Public Accounting
Firm
We
have audited the accompanying balance sheets of
X Company as of
December
31, 20X3 and 20X2, and the related statements of
operations,
stockholders'
equity, and cash flows for each of the three
years in the
period
ended December 31, 20X3.
These
financial statements are the responsibility of
the Company's management.
Our
responsibility is to express an opinion on these
financial statements based
on
our audits.
We
conducted our audits in accordance with the
standards of the Public
Company
Accounting Oversight Board (United States).
Those standards
require
that we plan and perform the audit to obtain
reasonable assurance
about
whether the financial statements are free of
material misstatement.
An
audit includes examining, on a test basis,
evidence supporting the
amounts
and disclosures in the financial statements. An
audit also
includes
assessing the accounting principles used and
significant
estimates
made by management, as well as evaluating the
overall
financial
statement presentation. We believe that our
audits provide a
reasonable
basis for our opinion.
In
our opinion, the financial statements referred
to above present fairly, in
all
material respects, the financial position of the
Company as of [at]
December
31, 20X3 and 20X2, and the results of its
operations and its
cash
flows for each of the three years in the period
ended December 31,
20X3,
in conformity with U.S. generally accepted
accounting principles.
[Signature]
[City
and State or Country]
[Date]
The following is an illustrative report on a
review of interim financial information:
Report of Independent Registered Public
Accounting Firm
We have reviewed the accompanying [describe
the interim financial
information or statements reviewed]
of X Company as of September 30,
20X3 and 20X2, and for the three-month and
nine-month periods then
ended. This (these) interim financial
information (statements) is (are) the
responsibility of the Company's management.
We conducted our review in accordance with the
standards of the Public
Company Accounting Oversight Board (United
States). A review of
interim financial information consists
principally of applying analytical
procedures and making inquiries of persons
responsible for financial and
accounting matters.
It is substantially less in scope than an
audit conducted in accordance with
the standards of the Public Company Accounting
Oversight Board, the objective
of which is the
expression of an opinion regarding the
financial statements taken
as a whole.
Accordingly, we do not express such an
opinion.
Based on our review, we are not aware of any
material modifications that
should be made to the accompanying interim
financial (statements) for it
(them) to be in conformity with U.S. generally
accepted accounting
principles.
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