Example Of Essay On Audit Report

Wal-Mart is a US based multinational retail company headquartered in Arkansas, US and listed in New York Stock Exchange. The company operates a chain of discount stores and super markets. The operations of the company are divided into three reportable segments namely: Wal-Mart US, Wal-Mart International and Sam’s Club.
Ernst & Young LLP conducted the audit of Wal-Mart stores Inc. and the auditors issued the audit report to the shareholders and board of directors of the company.
The audit report of Wal-Mart for the year ended January 31st, 2015 carried an unqualified opinion. The report stated that the financial statements of the company for the year ended January 31st, 2015 including consolidated financial position of Wal-Mart stores Inc., and the consolidated results of the company’s operation and its cash flows, presented fairly and in material respects, in conformity with US generally accepted accounting principles .
The audit report also included the auditor’s opinion on the company’s internal control over financial reporting. The audit of internal control was conducted in accordance with the standards of the Public Company Accounting Oversight Board of US, and the auditors expressed an unqualified opinion thereon.
It is the responsibility of the auditor not to date his audit report before the date on which the auditor has obtained sufficient appropriate audit evidence on which the auditor’s opinion on the financial statements is based.

References

Forming an Opinion and Reporting on Financial Statements. (2012, December 15). Retrieved from http://www.aicpa.org/Research/Standards/AuditAttest/DownloadableDocuments/AU-C-00700.pdf
(2014). Annual Report 2014: Wal-Mart. Arkansas: Wal-Mart.