What are the Characteristics of an "Audit Report" ? Please also include the importance of Audit Report in your feedback.

The characteristics of the Audit Report are as follows:

• The report is usually addressed to the shareholders or the board of directors
• the date and period covered by the financial statements are also stated in it
• must be in writing
• must clearly state "report of the independent auditor"
• introduction paragraph, identifying whose (the company name) financials statements which have been audited
• State that the financial statement have been audited
• identify the title of each statement that comprises the "financial statements"
• must refer to the summary of significant accounting policies and other explanatory information.
• specify the date; period covered by each financial statement comprising the "financial statements"
• Include paragraph about managements responsibility for the financial statements
  • Management responsibility for preparation of the financial statements
  • Must identify that the financial statement have been prepared with the fair presentation framework
• Include paragraph regarding the auditor's responsibilities 
  • auditor responsibility is to express an opinion on the FS's based on the audit evidence
  • auditor states that the audit was conducted in accordance with International Standards on Auditing
  • auditor has complied to ethical standards
  • auditor has obtained reasonable assurance about the FS's being free of material misstatements
• Summary of audit process:
  • auditor about performing procedures to obtain reasonable audit evidence about disclosures, accounting policies appropriateness and depends on auditors judgement
  • Auditor has considered internal controls 
  • Auditor has performed risk assessment
• Opinion paragraph with clear heading "opinion"
• Any other reporting responsibility sub section under the opinion section.
• Signature
• Dated after directors have approved for issue
• Auditor's address - location in the jurisdiction where auditor practices

I trust I understood the question correctly

Agreed with the answer Bonnie Cheryl Nel

Simplicity should be one of the important characteristics of good audit report. It should be clear, should not conceal material information. It should be concise or brevity. Repetitions of facts & figures should be avoided in order to control the length of the report. It should clearly indicate the scope of work to be done, based on objective evidence. Consistency in presenting accounting information should be present in a good audit report according to GAAP or IFRS. It should be unbiased; it should disclose all facts and the truth.1. Simplicity 2. Clarity 3. Brevity 4. Firmness 5. Objectivity 6. Consistency7. Accepted principle 8. Disclosure principle

I AGREE WITH MISS RONIE  <<<<<<<<<>>>>>>

Characteristics of good audit report:-SimplicityFirmness objectivityDisclosure principle or unbiasedClarityConsistencyAccepted principles

agree with all qolleagues,,,,,,,,,,,,,