What are auditors reports on compliance?
In a report on compliance, the auditor indicates whether the entity being audited is in compliance with applicable laws and regulations that could have a material effect on the fair presentation of financial statements. The auditor makes two limited and specific observations based on the procedures performed as part of the financial statement audit. First, the auditor states that the transactions tested were in compliance with applicable laws and regulations, unless otherwise noted. Second, the auditor states that nothing came to his attention that indicates that transactions not tested were not in compliance with applicable laws and regulations.
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