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Auditors' Reports — Non-Issuers (Portfolio 5400)

Portfolio 5400-2nd, Auditors' Reports — Non-Issuers, provides sample audit reports and sample language for use by auditors of non-issuers.

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DESCRIPTION

Portfolio 5400-2nd, Auditors' Reports — Non-Issuers, provides sample audit reports and sample language for use by auditors of non-issuers. The Portfolio includes discussion and analysis of the standard audit report and circumstances that require modification of the opinion or the report. The Portfolio also covers reporting on supplementary information, reporting on summary financial statements, reporting on group financial statements, reporting on financial statements prepared in accordance with a special purpose framework, reporting on audits of single financial statements and single elements, accounts or items, and reporting on compliance with contractual agreements or regulatory requirements.
In addition, this Portfolio provides examples and discussion of audit reports on financial statements prepared for use outside the United States. This Portfolio discusses, analyzes, and illustrates the application of pertinent AICPA standards. The Portfolio includes discussion of differences between AICPA standards and International Accounting Standards as they relate to audit reports.
This Portfolio does not cover attestation reports (including reports on internal control), reviews of interim information, letters to management or underwriters, or reports on the application of accounting principles. Finally, it does not cover compilation and review reports.
The audit report results from the audit process. Although this Portfolio focuses on the audit report, auditors are reminded that professional standards also provide detailed guidance on the procedures that should precede the issuance of any report. Auditors should refer to relevant professional literature for complete guidance on planning and performing audit procedures.
This Portfolio may be cited as BNA Tax and Accounting Portfolio 5400-2nd, Mastracchio and Starczewski, Auditors' Reports — Non-Issuers (Accounting Policy and Practice Series).


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AUTHORS

NICHOLAS J. MASTRACCHIO, JR., PH.D., CPA
Nicholas J. Mastracchio, Jr., BBA in Accounting, Siena College (1964); Masters in Accounting, University at Albany (1977); Ph.D., Union College (dissertation: Valuation of Closely Held Businesses) (1993). Dr. Mastracchio was a member of the Auditing Standards Board (ASB). While a member of the ASB, he served on the Board's Clarity Task Force, which oversaw the drafting of the clarifying audit standards. Dr. Mastracchio practices in Marco Island, Florida and Adirondack, New York and limits his practice to valuations and related areas. He is a member of the National Association of State Boards of Accountancy, the AICPA, and The New York State Society of CPAs; author, 5147, Closely Held Business Valuation (Accounting Policy and Practice Series); author of How Much Is It Worth? Valuing a Profession or Closely Held Business (AICPA 1995); author, Mergers and Acquisitions of CPA Firms: A Guide to Practice Valuations (AICPA 1998); author of an online manuscript: Business Valuations (Institute of Management Accountants 2009); author of a chapter on business valuation reports: The Lawyer's Business Valuation Handbook (ABA 2010); author of chapters on Mergers and Acquisitions in Management of an Accounting Practice (AICPA 2001); reviewer of several books on valuation and auditing; and frequent contributor to Journal of Accountancy, CPA Journal, The Practicing CPA, Family Law Review, Journal of Small Business Management, ABA Banking Journal, The Trusted Professional, Trial Lawyer, and The Practical Accountant.

LISA MARIE STARCZEWSKI, ESQ.
Lisa Marie Starczewski, B.A., Smith College (magna cum laude, 1985); Villanova University School of Law, J.D. (summa cum laude, 1988); former associate, Morgan, Lewis & Bockius; Schnader, Harrison, Segal & Lewis; Editor-in-Chief, Villanova Law Review (1987-88); member of adjunct faculty, Villanova University School of Law; author, 714 T.M., Partnerships — Allocation of Liabilities; Basis Rules, 550 T.M., At-Risk Rules, 565 T.M., Installment Sales, 752 T.M., Corporate Alternative Minimum Tax, 587 T.M., Noncorporate Alternative Minimum Tax, 621 T.M., IRS National Office Procedures — Rulings, Closing Agreements; co-author, 517 T.M., Scholarships and Educational Expenses, 503 T.M., Deductions: Overview and Conceptual Aspects, and 504 T.M., Deduction Limitations: General; author of several chapters in the Tax Practice Series and contributor to various tax publications; recipient of Distinguished Author award; member, Tax Management U.S. Income Advisory Board; co-author, 5100, Revenue Recognition: Fundamental Principles, 5101, Revenue Recognition: Product Sales and Services, 5114, Accounting for Leases: Fundamental Principles, 5117, Leases: Lessee Perspective, 5118, Leases: Lessee Perspective — Selected Topics, 5120, Leases: Lessor Perspective — Economics, and 5128, Leases: Lessors — Classification.

TABLE OF CONTENTS

Detailed Analysis

I. Introduction

A. Purpose of the Auditor's Report

B. Authoritative Literature and Guidance

1. Auditors of Non-Issuers

2. Auditors of Issuers

C. Background and History of Auditing Standards Governing Auditor's Reports

1. Statements on Auditing Standards (SASs)

2. PCAOB Auditing Standards

D. Scope of Portfolio

II. The Four Reporting Standards: The Foundation for the Auditor's Report

Introductory Material

A. The First Reporting Standard-GAAP

1. Are the Accounting Principles Selected and Applied Generally Accepted?

2. Are the Accounting Principles Appropriate in the Circumstances?

3. Are the Financial Statements and Notes Informative of Matters That May Affect Them?

4. Do the Financial Statements Reflect the Underlying Transactions and Events Within a Range of Acceptable Limits?

B. The Second Reporting Standard-Consistency

C. The Third Reporting Standard-Informative Disclosures

D. The Fourth Reporting Standard-A Report

1. Association With Financial Statements

2. Meaning of Taken as a Whole

III. The Standard Audit Report

Introductory Material

A. Components of the Standard Report Under AU 508

1. Title

2. Addressee

3. Introductory or Opening Paragraph

4. Scope Paragraph

a. Scope Paragraph for Non-Issuers

b. Scope Paragraph for Issuers

c. Additional Language in the Scope Paragraph for Non-Issuers

5. Opinion Paragraph

6. The Signature of the Auditing Firm

7. The Date of the Audit Report

B. Examples of the Auditor's Standard Report for Non-Issuers

C. Modifications to the Standard Audit Report for Audits Performed Under PCAOB Standards

1. Scope Paragraph for Audit Reports of Issuers

2. Scope Paragraph for Audit Reports of Non-Issuers That Follow PCAOB Standards

D. Presentation of Auditor's Report in Annual Report

E. Reference in Financial Statements to Auditor's Report

IV. Modification of the Standard Auditor's Report Involving the Audit Opinion

Introductory Material

A. Types of Audit Opinions

B. Circumstances Requiring Modification of the Auditor's Opinion

1. Scope Limitations

a. Examples of Scope Limitations

b. Modification of Opinion

c. Modification of Report Wording When Opinion Is Qualified

d. Modification of Report Wording When Opinion Is Disclaimed

2. Departures From GAAP

a. Examples of Departures From GAAP

b. Modification of Opinion

c. Modification of Report Wording When Opinion Is Qualified

d. Modification of Report Wording When Opinion Is Adverse

e. Inadequate Disclosure

3. Lack of Independence

4. Other Situations

V. Explanatory Language Added to the Auditor's Report

Introductory Material

A. Opinion Based in Part on Another Auditor's Report

B. Rule 203 Exception

C. Going Concern

D. Change in Accounting Principles

E. Certain Circumstances Relating to Reports on Comparative Financial Statements

F. Selected Quarterly Financial Data Required by SEC Regulation S-K Omitted or Not Reviewed

G. Circumstances Affecting Required Supplementary Information

H. Other Information Is Materially Inconsistent With Information Appearing in the Financial Statements

I. Emphasis of Specific Matters Paragraphs

J. Correction of Material Misstatement in Previous Financial Statements

VI. Other Types of Report Modifications

A. Piecemeal Opinions

B. Restricting the Use of an Auditor's Report

C. Effect on the Report

VII. Comparative Reports

Introductory Material

A. Continuing Auditor

1. Prior Opinion Reexpressed

2. Prior Opinion Revised

B. Predecessor Auditor

1. Reference to Predecessor Auditor's Report in the Successor Auditor's Report When Predecessor's Report Is Not Presented

2. Predecessor Reissues Report

3. Predecessor Has Ceased Operations

a. Prior-Period Financial Statements Are Unchanged

b. Prior-Period Financial Statements Are Restated

(1) Entity Does Not File With the SEC

(2) Entity Files With the SEC

C. Reporting When Different Levels of Service Are Performed on Comparative Financial Statements

1. Prior-Period Audited-Current Period Unaudited

2. Prior-Period Unaudited-Current Period Audited

VIII. Accounting Changes

A. Guidance for Auditors of Issuers

1. Changes Affecting Consistency That Require an Explanatory Paragraph

a. Change in Accounting Principle

b. Change in the Reporting Entity

c. Correction of Error in Principles

d. Change in Principle Inseparable From Change in Estimate

e. Changes in Presentation of Cash Flows

2. Changes Not Affecting Consistency That Would Not Require an Explanatory Paragraph

a. Changes in Accounting Estimates

2. Correction of Errors Not Involving Principles

c. Changes in Classification and Reclassifications

d. Substantially Different Transactions or Events

e. Changes Expected to Have a Material Future Effect

3. Effect on Wording of Report

4. Periods to Which Consistency Standard Relates

5. First Year Audits

6. Different Interim and Annual Accounting Principles

7. Adoption of a New Accounting Standard That Does Not Require Disclosure of the Effect of the Change

B. Guidance for Auditors of Non-Issuers

1. Changes Affecting Consistency That Require an Explanatory Paragraph

a. Change in Accounting Principle

b Change in the Reporting Entity

c. Correction of Error in Principles

d. Change in Principle Inseparable From Change in Estimate

e. Changes in Presentation of Cash Flows

2. Changes Not Affecting Consistency That Would Not Require an Explanatory Paragraph

a. Changes in Accounting Estimates

b. Correction of Errors Not Involving Principles

c. Changes in Classification and Reclassifications

d. Substantially Different Transactions or Events

e. Changes Expected to Have a Material Future Effect

3. Effect on Wording of Report

4. Periods to Which Consistency Standard Relates

5. First Year Audits

6. Different Interim and Annual Accounting Principles

7. Adoption of a New Accounting Standard That Does Not Require Disclosure of the Effect of the Change

IX. Part of the Audit Performed by Other Independent Auditors

Introductory Material

A. Required Procedures

B. Auditor Decides to Assume Responsibility and Not Make Reference

C. Auditor Decides Not to Assume Responsibility and to Make Reference

D. An Audit of Internal Control Over Financial Reporting

X. Involvement With Other Information

Introductory Material

A. Client-Prepared Documents

B. Auditor-Submitted Documents

C. Supplementary Information Required by GAAP

D. Consolidating Information

E. Reporting on Condensed Financial Statements and Selected Financial Data

1. Condensed Financial Statements

2. Selected Financial Data

XI. Going Concern Considerations

Introductory Material

A. Option to Issue a Disclaimer

B. Inadequate Disclosure

C. Comparative Reports

D. Reissued Report

XII. Reports Prepared on an Other Comprehensive Basis of Accounting (OCBOA)

Introductory Material

A. Types of OCBOA

B. Titles of Statements

C. Components of the Report and Reporting Requirements

D. Modifications to the Auditor's Report on OCBOA Financial Statements

1. Departures From an OCBOA, Including Adequacy of Disclosure

2. Scope Limitations

3. Circumstances Requiring Explanatory Language in OCBOA Reports

a. Lack of Consistency in Accounting Principles

b. Going Concern

c. Other Auditors

d. Comparative Financial Presentations

e. Emphasis of Matter

XIII. Other Types of Special Reports

A. Opinions on Specified Elements, Accounts, or Items of a Financial Statement

1. General Guidance

2. Components of the Report

3. Additional Reporting Guidance

4. Circumstances Requiring Explanatory Language in Special Reports

B. Compliance Reports Related to Audited Financial Statements

1. Assurance Given in Auditor's Report on Financial Statements

2. Separate Auditor's Report

C. Special-Purpose Financial Presentations to Comply With Contractual Agreements or Regulatory Provisions

1. Category One Presentations

a. General Guidance

b. Components of Report

2. Category Two Presentations

a. General Guidance

b. Components of Report

D. Prescribed Forms

E. Circumstances Requiring Explanatory Language in Special Reports

1. Lack of Consistency in Accounting Principles

2. Going Concern

3. Using the Work of Other Auditors

4. Comparative Financial Presentations

5. Emphasis of a Matter

XIV. Unique Reporting Considerations for Certain Types of Entities

Introductory Material

A. Employee Benefit Plans

1. General

a. Defined Benefit Pension Plans

b. Defined Contribution Pension Plans

c. Health and Welfare Benefit Plans

2. Standard Report

a. Defined Benefit Plans

b. Defined Contribution Plans

c. Defined Benefit Health and Welfare Plans

d. Defined Contribution Health and Welfare Plans

3. Guidance on Special Reporting Situations

a. Supplemental Schedules

b. Limited-Scope Audits

c. Financial Statements Prepared Using an OCBOA

d. Reference to Other Auditors

e. Other Reporting Situations

B. Not-for-Profit Organizations

1. Financial Statements

a. Statement of Financial Position

b. Statement of Activities

c. Statement of Cash Flows

d. Statement of Functional Expenses

2. Standard Report

3. Reports on Comparative Financial Statements

4. Modified Reports and Departures From Unqualified Opinions

5. Reporting on Supplementary Information

6. Bases of Accounting Other Than GAAP

7. Reporting on Prescribed Forms

8. Using IRS Form 990

C. Depository and Lending Institutions

D. Insurance Enterprises

1. General

2. Limited Use Reports

3. General Use Reports

4. Need for Explanatory Paragraphs

a. Emphasis of a Matter Paragraph

b. Change in Accounting Principle

E. Other Reporting Guidance in the AICPA's Guides

XV. Reporting on Internal Control

Introductory Material

A. The Sarbanes-Oxley Act of 2002

B. The External Auditor's Audit of Internal Control

C. The SEC's Final Rule: Management's Reports on Internal Control Over Financial Reporting and Certification of Disclosure in Exchange Act Periodic Reports

D. The PCAOB Rules

1. Background and Chronology

2. Effective Date

3. Definitions

E. Reporting Options Under PCAOB Auditing Standard No. 5

1. Combined or Separate Report

2. The Required Components of a Combined Report Under PCAOB Auditing Standard No. 5

a. Title

b. Introductory Paragraph

c. Scope Paragraph

d. Definition Paragraph

e. Inherent Limitations

f. Opinion Paragraph

g. The Manual or Printed Signature of the Auditing Firm

h. The City and State of the Audit Firm

i. The Date of the Audit Report

3. Additional Required Components of a Separate Report on Internal Control Under PCAOB Auditing Standard No. 5

F. Report Modifications

1. Elements of Management's Annual Report on Internal Control are Incomplete or Improperly Presented

2. A Scope Limitation

3. A Reference to Other Auditors

4. A Significant Subsequent Event Has Occurred

5. Other Information Contained in Management's Annual Report on Internal Control Over Financial Reporting

6. Management's Annual Certification is Misstated

G. The Effect of Auditor's Adverse Opinion on Internal Control Over Financial Reporting on the Auditor's Opinion on the Financial Statements

H. Reporting on Whether a Previously Reported Material Weakness Continues to Exist

1. Title

2. Introductory Paragraph Describing Initial Audit of Internal Control

3. Material Weakness Paragraph

4. Introductory Paragraph Describing This Engagement

5. Control Paragraph

6. Introductory Paragraph Describing This Engagement - Continued

7. Scope Paragraph

8. Opinion Paragraph

9. Limitations of This Engagement Paragraph

10. Inherent Limitations Paragraph

11. The Manual or Printed Signature of the Auditor's Firm

12. The City and State of the Auditor's Firm

13. The Date of the Report

I. Other Reporting Situations

1. Subsequent Discovery of Information Existing at the Date of the Auditor's Report on Internal Control

2. Filings Under Federal Securities Statutes

J. Guidance for Non-Issuers

1. Examination Report on the Effectiveness of an Entity's Internal Control Over Financial Reporting (Direct Reporting)

a. Title

b. Introductory Paragraph

c. Scope Paragraph

d. Inherent Limitations Paragraph

e. Opinion Paragraph

f. Restricted-Use Paragraph

g. The Manual or Printed Signature of the Practitioner's Firm

h. The Date of the Examination Report

2. Examination Report on a Written Assertion About the Effectiveness of an Entity's Internal Control Over Financial Reporting

a. Title

b. Introductory Paragraph

c. Scope Paragraph

d. Inherent Limitations Paragraph

e. Opinion Paragraph

f. Restricted-Use Paragraph

g. The Manual or Printed Signature of the Practitioner's Firm

h. The Date of the Examination Report

XVI. Reports Prepared for Use in Other Countries and Reports Prepared According to international Standards on Auditing

A. Reporting on Financial Statements of a U.S. Entity Prepared for Use in Other Countries

1. General

2. Reporting Options

a. U.S.-Style Report Modified to Report on Financial Statements Prepared in Conformity With the Accounting Principles of Another Country

b. Foreign Report Form

c. Reporting When Two Reports Are Issued

d. Use in the United States

e. Financial Statements Prepared in Accordance With International Accounting Standards for Use Outside the United States

B. Reporting Under International Standards on Auditing

1. General

2. Components of the Standard Auditor's Report Under ISA 700 (Revised)

3. Types of Opinions

a. Unqualified Opinion

b. Modified Reports-Matters That Do Not Affect the Auditor's Opinion

c. Modified Reports-Matters That Do Affect the Auditor's Opinion

(1) Qualified Opinion

(2) Adverse Opinion

(3) Disclaimer of Opinion

4. Public Sector Reports

5. Additional ISAs That Apply to Audit Reports

C. Reporting on Audits Conducted in Accordance With U.S. GAAS and ISAs

XVII. Other Types of Reports Not Covered in This Portfolio

A. AU Section 324, Service Organizations

B. AU Section 625, Reports on the Application of Accounting Principles

C. AU Section 634, Letters for Underwriters and Certain Other Requesting Parties

D. AU Section 711, Filings Under Federal Securities Statutes

E. AU Section 722, Interim Financial Information

Working Papers


WORKING PAPERS

TABLE OF WORKSHEETS

Worksheet 1 Hierarchy of Generally Accepted Auditing Standards

Worksheet 2 Auditor's Standard Report: Financial Statements Covering a Single Year (Non-Issuer)

Worksheet 3 Auditor's Standard Report: Comparative Financial Statements

Worksheet 4 Auditor's Standard Report: Interim Period

Worksheet 5 Auditor's Standard Report: Single Financial Statement (Balance Sheet) Only

Worksheet 6 Auditor's Standard Report: Dual-Dated

Worksheet 7 Auditor's Standard Report: Comparative Financial Statements of an Issuer, Audit Performed Under the Standards of the PCAOB

Worksheet 8 Auditor's Standard Report for a Non-Issuer: Financial Statements Covering a Single Year, Audit Performed in Accordance With Both U.S. GAAS and PCAOB Standards

Worksheet 9 Auditor's Report: Qualified Opinion, Scope Limitation, Comparative Financial Statements

Worksheet 10 Auditor's Report: Qualified Opinion, Departure From GAAP Explained in the Report, Single Year

Worksheet 11 Auditor's Report: Qualified Opinion, Departure From GAAP Explained in a Note, Single Year

Worksheet 12 Auditor's Report: Qualified Opinion, Omission of Statement of Cash Flows, Single Year

Worksheet 13 Auditor's Report: Qualified Opinion, Inadequate Disclosure, Comparative Financial Statements

Worksheet 14 Auditor's Report: Adverse Opinion, Departure From GAAP, Comparative Financial Statements

Worksheet 15 Auditor's Report: Adverse Opinion, Inadequate Disclosure, Single Year

Worksheet 16 Auditor's Report: Disclaimer of Opinion, Scope Limitation, Comparative Financial Statements

Worksheet 17 Auditor's Report: Disclaimer of Opinion, Lack of Independence, Single Year

Worksheet 18 Conditions That Preclude an Unqualified Opinion

Worksheet 19 Auditor's Report: Rule 203 Opinion (Issuer), Comparative Financial Statements (Prior to FAS 162 and PCAOB Auditing Standard No. 6)

Worksheet 20 Auditor's Report: Emphasis of Matter Paragraph, Comparative Financial Statements

Worksheet 21 Deciding Whether CPA Firm X Is a Continuing Auditor When 20X2 Is the Current Year and Comparative Statements Are Presented for 20X1 and 20X0

Worksheet 22 Auditor's Report on Comparative Financial Statements: Unqualified Opinion on the Prior-Year Financial Statements and a Qualified Opinion on the Current-Year Financial Statements

Worksheet 23 Auditor's Report on Comparative Financial Statements: Unqualified Opinion on the Current-Year Financial Statements With a Disclaimer of Opinion on the Prior-Year Statements of Income, Retained Earnings, and Cash Flows

Worksheet 24 Auditor's Report on Comparative Financial Statements: Opinion Change From Previously-Expressed Opinion

Worksheet 25 Successor Auditor's Report When the Predecessor Auditor's Report Is Not Presented

Worksheet 26 Successor Auditor's Report When Predecessor Auditor's Report Is Not Presented but Contained an Explanatory Paragraph

Worksheet 27 Successor Auditor's Report on Comparative Financial Statements When Predecessor Auditor Reported on Prior-Period Financial Statements Before Restatement

Worksheet 28 Auditor's Report: Unqualified Opinion With Explanatory Paragraph Highlighting Lack of Consistency in the Application of Accounting Principles (for Auditors of Non-Issuers)

Worksheet 29 Auditor's Report: Reporting by Principal Auditor When There Is a Division of Responsibility Between Auditors (Single Year)

Worksheet 30 Auditor's Report: Explanatory Paragraph When Auditor Decides to Explain, in the Report, a Material Inconsistency in Other Information in a Client-Prepared Document (Non-Issuer)

Worksheet 31 Auditor's Report on Supplementary Information Required by GAAP in an Auditor-Submitted Document-Disclaimer of Opinion (Non-Issuer)

Worksheet 32 Auditor's Separate Report: Additional Information (Non-Issuer)

Worksheet 33 Auditor's Separate Report: Disclaimer of Opinion on All Additional Information in an Auditor-Submitted Document (Non-Issuer)

Worksheet 34 Auditor's Separate Report: Disclaimer on Part of Additional Information in an Auditor-Submitted Document (Non-Issuer)

Worksheet 35 Auditor's Separate Report: Additional Information in an Auditor-Submitted Document-Qualification in Report on Basic Financial Statements Applies to Additional Information (Non-Issuer)

Worksheet 36 Auditor's Report: Supplementary Information Required by GAAP-Omission of Required Supplementary Information

Worksheet 37 Auditor's Report: Supplementary Information Required by GAAP- Material Departure From Guidelines

Worksheet 38 Auditor's Report: Supplementary Information Required by GAAP- Required Procedures Not Completed

Worksheet 39 Auditor's Report: Supplementary Information Required by GAAP- Unresolved Doubts About Adherence to Guidelines

Worksheet 40 Auditor's Separate Report on Additional Consolidating Information

Worksheet 41 Auditor's Separate Report on Condensed Financial Statements of an Issuer Derived From Audited Financial Statements

Worksheet 42 Auditor's Report on Separately-Presented Condensed Financial Statements-Adverse Opinion

Worksheet 43 Auditor's Combined Report on an Issuer's Financial Statements on Reviewed Interim Financial Statements and Annual Condensed Financial Statements

Worksheet 44 Auditor's Standard Report With Opinion on Selected Financial Data

Worksheet 45 Auditor's Report With an Unqualified Opinion and Explanatory Paragraph Highlighting a Going Concern Matter

Worksheet 46 Auditor's Report: Statement of Cash Receipts and Disbursements Only (Non-Issuer)

Worksheet 47 Auditor's Report: Cash Basis Financial Statements (Non-Issuer)

Worksheet 48 Auditor's Report: Income Tax Basis Financial Statements (Non-Issuer)

Worksheet 49 Auditor's Report: Regulatory Basis, Statutory Accounting Practices, Limited Use (Non-Issuer)

Worksheet 50 Auditor's Report: Regulatory Basis, Statutory Accounting Practices, General Use (Non-Issuer)

Worksheet 51 Auditor's Report: Comparative Financial Statements That Reflect a Change From Generally Accepted Accounting Principles to the Income Basis of Accounting in Current Year (Prior Year Restated) (Non-Issuer)

Worksheet 52 Auditor's Report Relating to Accounts Receivable (Non-Issuer)

Worksheet 53 Auditor's Report Relating to Amount of Sales for the Purpose of Computing Rental (Non-Issuer)

Worksheet 54 Auditor's Report Relating to Royalties (Non-Issuer)

Worksheet 55 Auditor's Report Relating to a Profit Participation With Identification of Relevant Agreements (Non-Issuer)

Worksheet 56 Auditor's Report Relating to Federal and State Income Taxes Included in Financial Statements (Non-Issuer)

Worksheet 57 Auditor's Report on Compliance With Contractual Provisions Given in a Separate Report (Non-Issuer)

Worksheet 58 Auditor's Report on Compliance With Regulatory Requirements Given in a Separate Report When the Auditor's Report on the Financial Statements Included an Explanatory Paragraph Because of an Uncertainty (Non-Issuer)

Worksheet 59 Auditor's Report on Schedule of Gross Income and Certain Expenses to Meet a Regulatory Requirement and to Be Included in a Document Distributed to the General Public (Issuer)

Worksheet 60 Auditor's Report on a Statement of Assets Sold and Liabilities Transferred to Comply With a Contractual Agreement (Non-Issuer)

Worksheet 61 Auditor's Report on Financial Statements Prepared Pursuant to a Loan Agreement That Results in a Presentation That Is Not in Conformity With GAAP or an OCBOA (Non-Issuer)

Worksheet 62 Auditor's Report: Defined Benefit Plan With End-of-Year Benefit Information Date (Non-Issuer)

Worksheet 63 Auditor's Report: Defined Benefit Plan Assuming Beginning-of-Year Benefit Information Date (Non-Issuer)

Worksheet 64 Auditor's Report: Unqualified Opinion on a Profit-Sharing Plan (Non-Issuer)

Worksheet 65 Auditor's Report: Unqualified Opinion on Financial Statements of an Employee Health and Welfare Benefit Plan (Non-Issuer)

Worksheet 66 Auditor's Report: Supplemental Schedules Required by ERISA and DOL Regulations (Applicable to All Types of Employee Benefit Plans of Non-Issuers)

Worksheet 67 Auditor's Report: Supplemental Schedules Required by ERISA and DOL Regulations (Applicable to All Types of Employee Benefit Plans of Non-Issuers) When the Auditor Does Not Express an Opinion on the Additional Information

Worksheet 68 Auditor's Report: Opinion on Supplemental Schedules Qualified Because of Omitted Information (Non-Issuer)

Worksheet 69 Auditor's Report: Limited-Scope Audit Under DOL Regulations (Disclaimer of Opinion) for Non-Issuer

Worksheet 70 Auditor's Report: Non-GAAP-Basis Financial Statements (Modified Cash) of a Defined Benefit Pension Plan (Non-Issuer)

Worksheet 71 Auditor's Report: Standard Report on a Not-for-Profit Organization's Financial Statements for a Single Year

Worksheet 72 Auditor's Report: Comparative Financial Statements of a Not-for-Profit Organization in Which Prior Year Information Is Summarized

Worksheet 73 Auditor's Report: Financial Statements (Non-GAAP) Included in IRS Form 990, Return of Organizations Exempt From Income Tax

Worksheet 74 Auditor's Report: Financial Statements for a Credit Union, Qualified for GAAP Departure

Worksheet 75 Auditor's Report: Financial Statements for a Credit Union Prepared According to an OCBOA

Worksheet 76 Auditor's Separate Report: Unqualified Opinion on Management's Assessment of the Effectiveness of Internal Control Over Financial Reporting and an Unqualified Opinion on the Effectiveness of Internal Control Over Financial Reporting

Worksheet 77 Auditor's Combined Report: Unqualified Opinion on Financial Statements, an Unqualified Opinion on Management's Assessment of the Effectiveness of Internal Control Over Financial Reporting and an Unqualified Opinion on the Effectiveness of Internal Control Over Financial Reporting

Worksheet 78 Auditor's Report: Adverse Opinion on Management's Assessment of the Effectiveness of Internal Control Over Financial Reporting and an Adverse Opinion on the Effectiveness of Internal Control Over Financial Reporting Because of the Existence of a Material Weakness

Worksheet 79 Auditor's Report: Unqualified Opinion on Management's Assessment of the Effectiveness of Internal Control Over Financial Reporting and an Adverse Opinion on the Effectiveness of Internal Control Over Financial Reporting Because of the Existence of a Material Weakness

Worksheet 80 Auditor's Report: Qualified Opinion on Management's Assessment of the Effectiveness of Internal Control Over Financial Reporting and a Qualified Opinion on the Effectiveness of Internal Control Over Financial Reporting Because of a Limitation on the Scope of the Audit

Worksheet 81 Auditor's Report: Disclaimer of Opinion on Management's Assessment of the Effectiveness of Internal Control Over Financial Reporting and Disclaimer of Opinion on the Effectiveness of Internal Control Over Financial Reporting Because of a Limitation on the Scope of the Audit

Worksheet 82 Auditor's Report: Unqualified Opinion on Management's Assessment of the Effectiveness of Internal Control Over Financial Reporting That Refers to the Report of Other Auditors as a Basis, in Part, for the Auditor's Opinion and an Unqualified Opinion on the Effectiveness of Internal Control Over Financial Reporting

Worksheet 83 Auditor's Report: Reporting on Whether a Previously Reported Material Weakness Continues to Exist

Worksheet 84 Attestation Report for a Non-Issuer: Unqualified Opinion on Internal Control Over Financial Reporting, Direct Report on the Effectiveness of Internal Control

Worksheet 85 Attestation Report for a Non-Issuer: Unqualified Opinion on Management's Written Assertion About the Effectiveness of an Entity's Internal Control

Worksheet 86 U.S.-Style Auditor's Report on Non-U.S. GAAP Financial Statements Modified for Use Only Outside the U.S. (Non-Issuer)

Worksheet 87 Auditor's Standard Report on U.S. GAAP Financial Statements When Non-U.S. GAAP Financial Statements Have Also Been Audited (Non-Issuer)

Worksheet 88 Auditor's Standard Report: Financial Statements Prepared Under International Standards on Auditing, Single Year

Worksheet 89 Auditor's Standard Report: Financial Statements Prepared Under International Standards on Auditing, Emphasis of Matter Paragraph Added for a Significant Uncertainty, Single Year

Worksheet 90 Auditor's Report: Financial Statements Prepared Under International Standards on Auditing, Emphasis of a Matter Paragraph Added for a Significant Uncertainty, Single Year (Reports Dated on or After December 31, 2006)

Worksheet 91 Auditor's Report: Financial Statements Prepared Under International Standards on Auditing, Opinion Qualified for a Scope Limitation, Single Year (Reports Dated on or After December 31, 2006)

Worksheet 92 Auditor's Report: Financial Statements Prepared Under International Standards on Auditing, Adverse Opinion Because of a Disagreement on Accounting Policies, Single Year (Reports Dated on or After December 31, 2006)

Worksheet 93 Auditor's Report: Financial Statements Prepared Under International Standards on Auditing, Disclaimer of Opinion Because of a Scope Limitation, Single Year (Reports Dated on or After December 31, 2006)

Worksheet 94 Auditor's Report: Financial Statements Prepared Under International Standards on Auditing, Qualified Opinion Because of a Disagreement on Accounting Policies Involving an Inappropriate Accounting Method, Single Year (Reports Dated on or After December 31, 2006)

Worksheet 95 Auditor's Report: Financial Statements Prepared Under International Standards on Auditing, Qualified Opinion Because of a Disagreement on Accounting Policies Involving Inadequate Disclosure, Single Year (Reports Dated on or After December 31, 2006)

Worksheet 96 Auditor's Report: Audit Conducted in Accordance With Auditing Standards Generally Accepted in the United States (Non-Issuers) and in Accordance With International Standards on Auditing, Single Year (Reports Dated on or After December 31, 2006)

Worksheet 97 List of Significant Accounting Pronouncements Principally Discussed

Worksheet 98 Sources and Scope of Authoritative Auditing Standards

Worksheet 99 Changes to Combined Report Expressing an Unqualified Opinion on Financial Statements and an Unqualified Opinion on Internal Control over Financial Reporting from PCAOB Auditing Standard No. 5

Bibliography

OFFICIAL

Statutes:

Department of Labor Regulations:

AICPA Statements on Auditing Standards (SASs) as codified in the Codification of Auditing Standards:

AICPA Statements on Auditing Standards Not Yet Codified:

AICPA Statements on Standards for Attestation Engagements:

AICPA Statements on Standards for Accounting and Review Services:

AICPA Auditing Interpretations of the SASs:

AICPA Audit and Accounting Guides:

AICPA Statements of Position:

AICPA Technical Practice Aids:

Accounting Principles Board:

FASB Statements of Financial Accounting Standards:

International Standards Issued by IFAC:

PCAOB Auditing Standards:

PCAOB Interim Standards:

PCAOB Auditing Interpretations of the SASs:

PCAOB Releases:

SEC Releases:

UNOFFICIAL