Which components of Figure 7.1 of the text book are currently covered by an audit report of the type illustrated? Discuss the problems and potential benefits of having an audit opinion covering all categories of financial information contained in Figure 7.1.

Figure 7.1

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Primary financial statements Examples Information useful for economic decisions prepared by the company (may include information on website) Income statement Statement of other comprehensive income Statement of General purpose financial reports General purpose financial statements Annual reports Notes to the financial statements Examples Accounting policies Detailed analysis of amounts in the financial statements Narrative reports Examples Strategic report Chairman's statement Chief executive's overview Business model Other general purpose financial reports Examples Half-yearly reports Quarterly management reports Prospectus for new issue of Other public information Presentations to analysts Press releases about the entity Environmental, Health and Safety