The result of a financial audit is the audit report (auditor’s opinion) of the financial statements for the fiscal year. These reports have been issued at least since the 19th century in Britain. The objectives of the audit at that time were determined by the client and audit reports could be long or short, informative or vague. Table S-A.1 shows three examples of audit opinions before regulations. The opinion presented show no significant problems (called qualifications); therefore they are unqualified (also called clean) opinion. The 1902 audit report of U.S. Steel is particularly thorough about the procedures done to complete the audit.
After the McKesson & Robbins debacle, the AIA established the CAuP to establish ...
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