Using Illustrations 14.1 through 14.3, compare the following three reports:

1. A Report on Financial Statements Prepared in Accordance with the Special Purpose Framework: A Statement of provisions of a contract.

2. A Report on an element of a financial statement: Schedule of the Liability for ‘Incurred but not reported’ claims in an insurance portfolio.

3. A Report on Summarized Financial Statement.

Required

Make a comparison on the following three paragraphs:

A. Using the introductory paragraph as the basis of comparison.

B. Using the auditor’s responsibility paragraph as the basis of comparison.

C. Using the opinion paragraph as the basis of comparison.