1. Describe the purpose of the independent auditor’s report.
2. Identify the intended beneficiaries of an independent auditor’s report.
3. Discuss the contents of the introductory, scope, and opinion paragraphs in an independent auditor’s report.
4. List problems that might impact the contents of an independent auditor’s report.
5. Indicate the method used by decision makers to determine whether an independent auditor has been unable to issue an unqualified opinion.
Question: At the conclusion of an audit, a report is issued that will be attached to the financial statements for all
to read. Much of this report is boilerplate: the words are virtually identical from one company to the next. What
information is conveyed by an independent auditor and what should a reader look for when studying an audit
Answer: The audit report accompanying the 2007 and 2008 financial statements for the Procter & Gamble
Company is found below.
To the Board of Directors and Shareholders of the Procter & Gamble Company:
We have audited the accompanying Consolidated Balance Sheets of The Procter & Gamble Company and
subsidiaries (the “Company”) as of June 30, 2008 and 2007, and the related Consolidated Statements of Earnings,
Shareholders’ Equity, and Cash Flows for each of the three years in the period ended June 30, 2008. These
financial statements are the responsibility of the Company’s management. Our responsibility is to express an
opinion on these financial statements based on our audits.
We conducted our audits in the accordance with the standards of the Public Company Accounting Oversight Board
(United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free of material misstatements. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing
the accounting principles used and significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, such Consolidated Financial Statements present fairly, in all material respects, the financial
position of the Company at June 30, 2008 and 2007, and the results of its operations and cash flows for each of
the three years in the period ended June 30, 2008, in conformity with accounting principles generally accepted in
the United States of America.
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