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The expression of an independent audit opinion
on the financial statements and other financials (forecasts
and projections) or any specific item(s) of the financials
in accordance with generally accepted auditing standards.
This involves inquiry and analytical procedures
that provide the accountant with a reasonable basis for expressing
limited assurance that there are no material modifications
that should be made to the financial statements of financials
in order for them to be in conformity with generally accepted
accounting principles.
These are presentations in the form of financial
statements or other financials, information that are the representations
of management without undertaking to express any assurance
on the said financial statements or other financials.
These are special reports where the accountant
performs specified procedures to enable the expression of
an opinion on specific elements, accounts or items in accordance
with the agreement of all parties who are entitled to receive
the report. As an illustration, an auditor may be requested
to provide a compliance report in conjunction with an audit
of the financial statements, as required by a bond indenture,
loan agreement or regulatory agencies to give assurance about
the compliance with loan covenants, payments into sinking
funds and dividend restrictions inter alia.
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