Question

QUESTION.

Please kindly Lists any misstatements in this Reports.

To the Audit Committees and Managements of CBA Inc. and Yak Fund:

We have performed the procedures enumerated below, which were agreed to by the audit committees and managements of CBA Inc., and Yak Fund, solely to assist you in evaluating the accompanying Statement of Investment Performance Statistics of Yak Fund for the years ended December 31, 20X1 and 20x2 . This agreed-upon procedures engagement was conducted in accordance with attestation standards in accordance with Generally Accepted Auditing Standards. The sufficiency of these procedures is solely the responsibility of those parties specified in this report. Consequently, we make no representation regarding the sufficiency of the procedures described below either for the purpose for which this report has been requested or for any other purpose. We were not engaged to and did not conduct an examination, the objective of which would be the expression of an opinion on the accompanying Statement of Investment Performance Statistics of Yak Fund. Accordingly, we do not express such an opinion. Had performed additional procedures, other matters might have come to our attention that would have been reported to you. This report is intended solely for the information and use of the audit committees and managements of CBA Inc. and Yak Fund.

[Signature]

[Date]

Answer 1

First of all the report is not at all in a standard format.

Standard Format

1.Addressee

2. The purpose and objects of this report.

3. Management's responsibilty.

4. Auditors responsibilty.

5. Opinion paragraph

6. Final report and any deviations, if any.

7. Authenciation (signature , name etc)of auditor.

In the given case it is seen that the auditor has mentioned things in a hazphazard way. The sentences

"We were not engaged to and did not conduct an examination, the objective of which would be the expression of an opinion on the accompanying Statement of Investment Performance Statistics of Yak Fund. Accordingly, we do not express such an opinion. "

It is seen that objective of report was expression of an opinion but in the next sentence it is mentioned that do not express opinion which is utterly wrong. An auditor has to express an opinion when such purpose is the objective but it is evident that auditor simply given a plain chart of few sentences expressing in an unconditional manner.