Basic elements of audit  report                       Explanation                                                                                                                                   TitleThe auditor's report must have a title that clearly indicates that it is the report of the independent auditor. This signifies that the auditor has met all the ethical requirements concerning independence and therefore distinguishes the auditor's report from other reports. Addressee                            The addressee will be determined by law or regulation, but is likely to be the shareholders or those charged with governance. Introductory paragraphThis shall identify the entity being audited, state that the financial statements have been audited, identify the title of each statement that comprises the financial statements being audited, refer to the summary of significant accounting policies and other explanatory notes, and specify the date or period covered by each statement comprising the financial statements. Management's responsibility for the financial statementsThis part of the report describes the responsibilities of those who are responsible for the preparation of the financial statements. The report shall include a section headed 'Management's responsibility for the financial statements' and describe management's responsibility including the following:  Management is responsible for the preparation of the financial statements in accordance with the applicable financial reporting framework.  Management is responsible for such internal control necessary to enable the preparation of financial statements that are free from material misstatement, whether due to error or fraud. Reference shall be made to 'the preparation and fair presentation of these financial statements' (or' the preparation of financial statements that give a true and fair view') where the financial statements are prepared in accordance with a fair presentation framework. Auditor's  responsibilityThe report shall include a section entitled 'Auditor's responsibility'. The report must state that the auditor is responsible for expressing an opinion on the financial statements based on the audit. This section must also state that the audit was conducted in accordance with International Standards on Auditing and ethical requirements and that the auditor planned and performed the audit so as to obtain reasonable assurance that the financial statements are free from material misstatement. The report must describe an audit by stating that: An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements.  The procedures chosen depend on the auditor's judgement of risks of material misstatements, and the auditor considers internal control relevant to the preparation of the financial statements in order to design appropriate audit procedures (but not to express an opinion on the effectiveness of internal control).  An audit includes evaluation of the appropriateness of the accounting policies used, the reasonableness of accounting estimates made by management and the overall presentation of the financial statements. This part of the report shall also state whether the auditor believes that the audit evidence obtained is sufficient and appropriate to provide a basis for the opinion. Opinion paragraphIf the auditor expresses an unmodified opinion on financial statements prepared in accordance with a fair presentation framework, the opinion shall use one of the following equivalent phrases: The financial statements present fairly, in all material respects,…in accordance with [the applicable financial reporting framework]; orThe financial statements give a true and fair view of … in accordance with [the applicable financial reporting framework]. Other reporting responsibilitiesIf the auditor is required by law to report on any other matters, this must be done in an additional paragraph below the opinion paragraph which is titled 'Report on other legal and regulatory requirements' or otherwise as appropriate. Auditor's signatureThe report must contain the auditor's signature, whether this is the auditor's own name or the audit firm's name or both. Date of the reportThe report must be dated no earlier than the date on which the auditor has obtained sufficient appropriate audit evidence on which to base the auditor's opinion on the financial statements. Auditor's addressThe location where the auditor practises must be included.Required : my teacher asked me to summarise the explanation as your understand, because I can not  study all of them for the exam. so summarise to acceptable words . However , not all of the basic elements of audit need summarising like  Addressee, Auditor's address and Auditor's signature

A university student purchased a used automobile for $8,000 at the beginning of last year and incurred the following operating costs:Depreciation ($8,000 / 5 years)        $1,600Insurance                                          $1,200Garage rent                                       $360Automobile tax and license               $40variable operating costs                    $0.14 per mileThe variable operating cost consist of gasoline, oil, tires and maintenance fees. This student estimates that, at her current rate of usage, the car will have zero resale value in the next five years, so the annual straight-line depreciation is $1,600. The car is kept in garage for a monthly fee.Question: If the student drove 10,000 miles. Compute the average a cost per mile of owning and operating the car. Do some analysis that relevant about the decision that the student should take either own a car or rent a car, if the student want to buy a new car with the same operating costs but not for the insurance and automobile tax, what is the relevant in estimating the incremental cost of owning the more expensive car?

I need a memo(1 - 2 pages) completed for IBM based on the attached impact analysis chart and the description of the IFRS(also attached) and doing the following:Write a memo to the CEO and CFO of the subject company providing them with the following:Describe what you have done to update the existing statement to comply with the IFRS. Contrasting the standards listed in the IA chart.Outline the steps that will need to be taken by this company to ensure a smooth transition