Form of the audit report. The most common type of audit report is the standard unqualified report.

Question:

Required:

A. Review Illustration 12.2, the standard wording of the IAS audit report and Illustration 12.3, the unmodified (unqualified) report of Wal-Mart Stores. List the differences, paragraph-by-paragraph, between the two reports.

B. List the similarities, paragraph-by-paragraph, between the two reports.

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...