Basic elements of audit report. When the field work was finished on December 31, 20X0, the following

Question:

Basic elements of audit report. When the field work was finished on December 31, 20X0, the following standard unqualified auditor’s report was given by Eldridge and Lloyd, Chartered Accountants (CAs), of Surrey, England:

Auditor’s report

We have audited the accompanying financial statements.

In our opinion, the financial statements correctly show the account balances and comply with the Companies Acts 1948 to 1981.

Eldridge and Lloyd, Cas

Required:

A. List the basic elements that should appear in an unmodified (unqualified) auditor’s report.

B. List and explain the deficiencies and omissions in the Eldridge and Lloyd auditor’s report.

Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...