Opinions

Audit reasonable assurance

Unmodified
Qualified in terms of GAAP
Qualified in terms of GAAS
Adverse (GAAP)
Disclaimer (GAAS)

Review limited assurance

Presents fairly
NOT presented fairly

Compilation no assurance

Interim audit

No opinion

Comfort Letters

Review interim f/s

Positive assurance for

- independence
- Compliance of F/S with SEC Act (IF STATEMENTS WERE AUDITED)

Negative assurance

- If F/S were not audited

Attestation

Examples
o WebTrust
o SysTrust
o Forecast
o Projection
o Compliance
o IC
o Agreed upon procedures
o Proforma F/S
o MD&A

No evaluation of IC
 Restricted use

Opinion presents fairly

POSITIVIE & NEGATIVE ASSURANCE????

o Positive assurance if an examination?? Search, verification, inquiry,

analysis
o Negative assurance if review??? Inquiry and analytical procedures

Agreed upon procedures

Financial forecast general use or limited use

Financial projection restricted use

Governmental

Report on
1 fair presentation of F/S
2 fair presentation of expenditures
3 report on I/C over financial reporting and compliance
4 report on I/C over compliance
5 provide schedule of findings