Definition of Audit Report

1. short form audit report expresses the CPA's audit opinion on whether the financial statements present fairly the client's financial position. There are instances when a modification to the standard two-paragraph format of the audit report is necessary. A qualified opinion, reportmust be given, for example, when audit scope limitations exist; an opinion partly based on the report of other auditors must be noted; the CPA wants to emphasize a key matter affecting financial position.
2. long form detailed audit report directed to the management or Board of Directors may supplement, include, or replace the short-form report. Typically, it includes audit scope particulars, makes explana-tory comments on financial position and operating results, discusses trends in financial data along with reasons, and gives procedural suggestions.

annual report issued by the Audit Bureau of Circulations providing audited verification of the published circulation figures of newspapers and magazines. Audit Report will show any variances found in the circulation figures claimed by a publication and explain the reasons for these differences. The detailed information found in the Audit Report makes it possible for media planners to make decisions based on verified data.