1.INDEPENDENT EXPRESSION OF OPINION ON THE BASIS OF VARIOUS FACTS AND EVIDENCE COLLECTED AND PRESENTED BY THE AUDITOR REGARDING FINANCIAL STATEMENTS OF THE COMPANY
2.THE AUDITOR EXPRESSES HIS OPINION WITH REASONABLE DEGREE OF SKILL AND CARE AS HE IS RESPONSIBLE FOR IT
3.AUDITOR’S REPORT IS JUST AN OPINION AND NOT A GUARANTEE ABOUT ACCURACY AND CORRECTNESS OF THE FINANCIAL STATEMENTS
4.THE AUDITOR VERIFIES THE ACCOUNTING DATA AND OTHER DOCUMENTS AND THEN HE PRESENT HIS OPINION
5.THE AUDITOR IS NOT CERTIFY THE CORRECTNESS OF FINANCIAL STATEMENTS BUT TO REPORT WHETHER THE BALANCE SHEET AND PROFIT AND LOSS ACCOUNT OF THE COMPANY PRESENT TRUE AND FAIR VIEW.
PRODUCT LIFE CYCLE STAGES DEVELOPED BY RAYMOND
VERNON IN 1966. THE PRODUCT LIFE CYCLE STAGES OR INTERNATIONAL PRODUCT
LIFE CYCLE WHICH WAS DEVELOPED BY THE ECONOMIST BY RAYMOND VERMON IN 1966
ACCORDING TO HIM THERE ARE FOUR STAGES IN PRODUCT LIFE CYCLE :
INTRODUCTION,GROWTH,MATURITY AND DECLINE. THE LENGTH OF STAGE VARIES FOR
DIFFERENT PRODUCT,ONE STAGE MAY LAST SOME WEEKS WHILE OTHERS EVEN LAST
DECADE. THIS SHOWS
•AUDITOR’S REPORT PART 1
ELEMENTS OF AUDIT REPORT
DR SHASHI AGGARWAL
•AUDITING/CONTEMPORARY
AUDITING
•MEANING OF AUDITOR’S
REPORT
1.AN AUDITOR’S REPORT IS THE FORMAL RESULT OF ALL THE
EFFORTS THAT GOES INTO AUDIT
2.COMMUNICATING THE AUDITOR’S FINDING TO THE INTERESTED
USERS IS PART OF ALL AUDITS
3.FINAL PHASE OF AN AUDIT INVOLVES PREPARING THAT
COMMUNICATION KNOWN AS AUDITOR’S REPORT
4.LANCESTER,” A REPORT IS A STATEMENT OF COLLECTED AND
CONSIDERED FACTS SO DRAWN UP AS TO GIVE CLEAR AND CONCISE INFORMATION TO
PERSONS WHO ARE NOT ALREADY IN POSSESSION OF FULL FACTS OF SUBJECT MATTER OF
THE REPORT.
