The end result of the auditor's work is his opinion or report. Through it he informs interested people of the results of his work and the opinion that has been formed through his examination.
The opinion or report of the auditor is in what will place the confidence of those interested in the financial statements to give faith to the statements that appear in them on the financial situation and results of operation of the company.
It is primarily through the report or opinion that the public and the client become aware of the auditor's work and, in most cases, it is the only part of that work that is within their reach.
Therefore, the audited financial statements are those that have been reviewed by an independent public accountant to the negotiation and from which they issue their opinion on the impartiality of the financial statements.
It is very important with audited Financial Statements, since this certifies having been reviewed through a financial audit, the audit is one of the mechanisms that helps control financial operations.
On the other hand, having an unqualified opinion is the result of adequate internal control and efficient application of accounting and tax regulations by the accounting, administrative and financial areas of an entity.
The auditor in his report or opinion must observe in the financial statements that:
- They have been prepared in accordance with the principles of Accounting. That said principles were applied on a consistent basis; That the information presented therein and in the relative notes is adequate and sufficient for its reasonable application.
Therefore, in the event of exceptions to the foregoing, the auditor should clearly mention what the deviations consist of and their quantified effect on the Financial Statements.
One of the most frequent applications of the opinion is its use by the tax authorities to verify the correct payment of federal taxes of the taxpayers forced to report their financial statements.
Although the opinion that taxpayers deliver for tax purposes is the same as that issued for financial purposes, it adopts certain characteristics derived from the provisions of the Federal Tax Code and its Regulations, among others:
a).- The opinion is issued in first person and is signed noting the registration number of the Public Accountant.
b).- Since the audited Financial Statements are delivered on magnetic discs, the serial number of the magnetic disc on which the audited financial information is located must be identified in the paragraph of the scope of the opinion.
c).- Whenever the Financial Statements are presented and classified according to formats designed by the tax authorities, their use should be limited exclusively for the purposes for which they were prepared.
