Review the audit report of Coca-Cola in Panel A of Exhibit 15.1. Obtain a copy of the audit report in the 2011 Annual Report of 3D Diagnostic Imaging plc, which is available at assets/Documents/AnnualReport30June2011.pdf
a. Describe key differences between the audit reports of 3D Diagnostic Imaging and Coca-Cola. Be sure to review differences in the auditing and accounting standards referred to in the reports and the wording used in the audit opinions.
b. Articulate how these differences may affect the relative informativeness of the audit report to users. Which of the reports do you find more useful, and why?
c. The audit opinion of 3D Diagnostic Imaging is signed by an individual on behalf of the audit firm. International audit reports generally are signed by the engagement partner who supervised the audit, whereas such disclosures are not required in the United States. Why is the public disclosure of the engagement partner's name useful? Why might partners in the United States prefer not to sign their names to audit reports? What implications may this difference have for users of the audit reports?

  • CreatedSeptember 22, 2014
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