Sample Audit Opinion for Business Entity
Independent Auditors' Report
Report on the Financial Statements
We have audited the accompanying balance sheets of X
Company as of December 31, 20X2, 20X1 and 20X0, and the
related statements of income, retained earnings, and
cash flows for the years then ended, and the related
notes to the financial statements.
Management's Responsibility for the Financial
Management is responsible for the preparation and fair
presentation of these financial statements in accordance
with accounting principles generally accepted in the
United States of America; this includes the design,
implementation, and maintenance of internal control
relevant to the preparation and fair presentation of
consolidated financial statements that are free from
material misstatement, whether due to fraud or error.
An audit involves performing procedures to obtain audit
evidence about the amounts and the disclosures in the
financial statements. The procedures selected depend on
the auditor's judgement, including the assessment of the
risks of material misstatement of the financial
statements, whether due to fraud or error. In making
those risk assessments, the auditor considers internal
control relevant to the entity's preparation and fair
presentation of the financial statements in order to
design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the entity's internal
control. Accordingly, we express no such opinion. An
audit also includes evaluating the appropriateness of
accounting policies used and the reasonableness of
significant accounting estimates made by management, as
well as evaluating the overall presentation of the
We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a reasonable basis
for our audit opinion.
In our opinion, the financial statements referred to previously present fairly, in all material respects, the financial position of XYZ Company as of December 31, 20X2, 20X1 and 20X0, and the results of its operations and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.
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