A short form report is a kind of a short report that is published about the details and the outcomes of an audit. In short a short term report can be defined as the report that is a summary of an audit and briefly defines the outcomes and details of the audit. The major objective of the short term report is to describe the scope and the span of the audit. The report describes which financial reports are examined and analyzed by the auditor and what are the ultimate findings of the auditor. Moreover it also describes whether the audit that was conducted was accurate or not. A short form report of the audit can be used in a conjunction with the long and detailed report of the audit. The major use of the short form report is to provide a bird’s eye view of the audit to the high level management and other stakeholders. In most of the cases a short form report is attached with the long and detailed audit report.
The details and the length of the short form report is actually very short. It usually consists of two paragraphs with brief glimpses of the conducted audit along with the opinion of the auditor regarding the financial statements examined by the auditor during the audit. The auditor will term the financial reports as adverse, qualified, unqualified or disclaimer status according to the financial health and the condition of the financial reports. One of the major advantage of the short term report is that it take less time and effort of the auditor to prepare the short audit report hence it saves both time and money.
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