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The Auditor-General or any person appointed by the Auditor-General to audit the accounts of statutory corporations...

The Auditor-General or any person appointed by the Auditor-General to audit the accounts of statutory corporations shall issue an audit report and shall in addition draw attention to certain issues.

Discuss both the content of the audit report and the issues he shall draw attention

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Answer #1

An audit report is a written opinion of an auditor regarding an entity's financial statements. The report is written in a standard format, as mandated by generally accepted auditing standards (GAAS).

The audit report consists of usually three sections

The first section covers reponsibilities of the auditor and the management.

Second section covers the scope of the audit.

Third section consists the opinion of the auditor.

Opinion are of three categories

1. Clean opinion if the financial statements are accurate representations of the company's financial position

2. Qualified opinion if any limitations on scope of the audit imposed upon auditor

3. Adverse opinion if the financial statements were not maintained according to the standards and are misleading

4. Disclaimer opinion is given in various reasons like auditor may not be indepedent, or there is a going concern issue

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