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What is an unmodified (unqualified) audit opinion? What are the types of modified audit opinions? What is the significance of the date of the auditor's report? Who is the auditor's report addressed to and why? When is a qualified opinion issued? When is an adverse opinion issued? When is a disclaimer of opinion issued? What is the difference between a misstatement and a scope limitation, and how do they map to opinions? What are Key Audit Matters (KAMs)? What does the Basis for Opinion section contain?
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Auditing & Assurance › Audit Report & Opinions

What are the main elements of an auditor's report?

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Answer

A modern auditor's report includes: title, addressee, the Opinion section (first), Basis for Opinion, any Material Uncertainty/Going Concern or KAM sections, responsibilities of management and those charged with governance, the auditor's responsibilities, other reporting responsibilities, the engagement partner's name (for listed entities), signature, auditor's address, and date. Structure and order are set by ISA 700.
Real-world example The report leads with the opinion, then the basis, KAMs, and the respective responsibilities sections per ISA 700.

Common follow-ups: Which section comes first now? | What does the Basis for Opinion state?

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