Canada will be adopting the new standard, ISA 701, which will include reporting of assessed risks of
Question:
To see an example of report that has been issued following these reporting standards, access Rolls-Royce's 2013 annual report at www.rolls-royce.com/reports/2013/_assets/ pdf / RR%20 Other Information % 20 127-141.pdf .
REQUIRED
a. Explain how this report differs from the standard audit report prescribed by current Canadian audit standards.
b. If you were a shareholder of the company, what information in the auditor's report would you consider to be really useful in helping you assess the quality of Rolls- Royce's financial statements?
c. Do you think this type of report is more useful than the standard audit report currently used in Canada? Why or why not?
Audit Report
The audit report is issued by a certified public accountant who is appointed by the shareholders to provide assurance upon the truth and fairness of the financial statements prepared by the managers of the company. Audit report contains the...
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The Rolls Royce audit report is considered very good partly because of the detail but also the audit...View the full answer
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Related Book For 
Auditing The Art and Science of Assurance Engagements
ISBN: 978-0133405507
13th Canadian edition
Authors: Alvin A. Arens, Randal J. Elder, Mark S. Beasley, Joanne C. Jones
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