Audit Reports Essay Example | Topics and Well Written Essays - 1250 words

Audit Reports - Essay Example Audit Report on financial statements of an entity is normally an independent auditor's report. Internal auditors also submit reports on assessment of internal controls installed by entities voluntarily or as statutory compliances. Audit report carries the results of audit examination conducted with in a framework in shape of opinion formed by auditors on such audit examinations. Auditing opinions formed and conveyed through audit reporting may be classified into four categories, namely an unqualified opinion, a qualified opinion, adverse Opinion, and disclaimer of an opinion. Unqualified Opinion expresses that financial statements are presented in accordance with requirement of GAAP. A qualified opinion conveys that financial statements present the financial position, financial results, and cash flow of the entity of the prescribed period in accordance with GAAP except for the matter or matters on which the report is qualified. Adverse Opinion on an audit report is provided when the financial statements do not present financial position, financial results and cash flows in accordance with applicable GAAP. Reports containing adverse opinion are issued when there are material departures from applicable GAAP in the presentations of financial statements. Some time an auditor is not in a position to form an opinion on the financial statement presentations. ... Objectives of Audit Reports Audit reports are medium of communication of results and findings of an examination or audit conducted under certain established framework. Under financial audit reporting auditor is concerned with forming an opinion on the financial statements and therefore independent audit report becomes an important medium for communicating that opinion to the shareholders or to the owners of the entity. This opinion of the auditor serves a variety of objectives of the audit function undertaken voluntarily or as compliance of a legal requirement. Some of these objectives are stated as under: Audit reports coveys the misstatements or deficiencies in the compiled financial statements showing the performance for a fiscal period and financial status on a particular date of an entity. That is to say the objective of audit reporting is to bring those deficiencies to the fore for the observance of the users of financial statements and helping them in taking their investing or other decisions respecting the entity involved. Audits are undertaken to bring improvement and fairness in reporting the results of operations to the shareholders or owners of the entity. Audit report, being the final function of auditing, is a tool to highlight the areas needing specific attention of the management for the improvement so that true and fair financial statements are presented to the users of such financial statements. Audit report serves variety of management and operational objectives as well.'A variety of individuals will use audit reports for a variety of purposes. Executive management will typically use an audit report to gain an insight to the overall status of

Gender and Politics Essay Example | Topics and Well Written Essays - 2000 words

Gender and Politics - Essay Example In 2000, the United Nations approved the millennium declaration, which insisted on gender equality as essential in eradicating poverty and realizing sustainable development. In the millennium development goals (MDGs), gender equality is one goal, and gender perspectives have to be included in the implementation of the other MDG’s. Some of the observation regarding gender and development is that men are largely missing from gender practices and policies (Cornwell 1997, p. 9). In order to achieve gender equality, there must be positive changes in the lives of women as well as men. Development programs must be scrutinized to avoid negative gender outcomes. This paper will discuss the concept of gender and how it has affected development programs in many countries. For the past three decades, people have accepted the gender-based approach to the development programs. Gender analysis and gender training act as key tools in any development process. The concept of gender, which becom es increasingly integrated in development programs, may be highly misunderstood. Most gender oriented programs focus on women since the term gender may be seen as a synonym for â€Å"female† or â€Å"women†. The term gender has also been confused with sex, which means biological characteristics, which makes one either a man or a woman. Female roles may include working on the farms, both on the family foodstuff and the cash crops. On the other hand, men may only be tasked with marketing the cash crop in the market; they control the income obtained from the farms. Women lose control of resources like land, hence become excluded from access to desirable agricultural methods (Momsen 2009, p. 2). Case study In a certain rich coffee-growing nation, the government decided to boost the coffee productio