Question: What Are Special Reports?

What are the qualities of good report?

Qualities or Characteristics of Good or Essential reportSuitable Title.

A suitable title has to be provided to each report according to the nature of contents.

Simple.

Promptness.

Comparability.

Consistency.

Precise and Accurate.

Relevant Information.

Presented to Required Person or Group or Department.More items….

What GAAP means?

Generally accepted accounting principlesGenerally accepted accounting principles, or GAAP, are a set of rules that encompass the details, complexities, and legalities of business and corporate accounting. The Financial Accounting Standards Board (FASB) uses GAAP as the foundation for its comprehensive set of approved accounting methods and practices.

What are the four types of report?

All Types of Reports and their ExplanationLong Report and Short Reports: These kinds of reports are quite clear, as the name suggests. … Internal and External Reports: … Vertical and Lateral Reports: … Periodic Reports: … Formal and Informal Reports: … Informational and Analytical Reports: … Proposal Reports: … Functional Reports:

What are the three main types of business reports?

What Are The Types of Business Reports?Informational Reports. You ask for this report when you want objective information on something. … Analytical Report. This type of business report is usually required when a company is trying to make an important decision. … Research Report. … Explanatory Report. … Progress Report. … To Sum Up.

When the auditors express an opinion on financial statements their responsibilities extend to?

Includes enhanced explanation of the audit process. When the auditors express an opinion on financial statements, their responsibilities extend to: Whether the results of their clients operating decisions are fairly presented in the financial statements.

What are different types of reports?

Types of reports include memos, meeting minutes, expense reports, audit reports, closure reports, progress reports, justification reports, compliance reports, annual reports, and feasibility reports.

What are the 4 types of audit reports?

There are four types of audit reports: and unqualified opinion, a qualified opinion, and adverse opinion, and a disclaimer of opinion. An unqualified or “clean” opinion is the best type of report a business can get.

How do you read an audit report?

How to Read an Auditor’s ReportThe clean (unqualified) opinion: If the auditor finds no serious problems, the CPA firm gives your business’s financial statements an unqualified or clean opinion, which it expresses in a three-paragraph report.The qualified opinion: If the audit report is longer than three paragraphs, it’s never good news.More items…

What is special report in Business Communication?

Special Report This type of report is prepared and presented before the top management on specific request. It usually contains the opinions or recommendations of the reporter with the help of facts and arguments.

What are 3 types of audits?

What Is an Audit?There are three main types of audits: external audits, internal audits, and Internal Revenue Service (IRS) audits.External audits are commonly performed by Certified Public Accounting (CPA) firms and result in an auditor’s opinion which is included in the audit report.More items…•

What is an audit objective?

Audit Objectives are broad statements developed by auditors and define intended audit accomplishments. The Performance Auditing Guidelines seek to transform the way in which Indian Audit & Accounts Department delivers its services. 1.2.

What is a special report in auditing?

special report. type of auditor’s report that is prepared in accordance with Generally Accepted Auditing Standards (GAAS). It attempts to elaborate, explain, or exhibit in a prescribed fashion certain sections, accounts, or items of a financial statement.

What are routine reports?

A Routine Report is prepared and presented as a routine work and at a regular period of time. For example, the annual report of an association or a company which has to be prepared by the secretary or by the Board of Directors at the end of every financial year and copies have to be distributed among the members.

Which matter should be covered in special report?

In issuing a special report on specified elements, accounts, or items, the auditor must express an opinion on each element. In doing so, all of GAAS, except for the first reporting standard if the element is not in accordance with GAAP, should be applied.