The report is the written document through which the audit committee presents the final result of its work, through judgments based on the evidence obtained during the execution phase, in order to provide sufficient information to officials of the audited entity and relevant bodies.
Basically, the audit report deals with the most significant deficiencies or deviations, and includes recommendations to promote improvements in the conduct of the activities or operations of the area or areas examined. It is the auditor's final product, by means of which he presents his observations, conclusions and recommendations in writing.
It should contain judgments based on the evidence obtained throughout the examination in order to provide sufficient information about the most important deviations or deficiencies, as well as to recommend improvements in the conduct of activities and execution of operations.
According to expert judgment, the audit report shall contain the basic financial statements (balance sheet, statement of profit and loss, statement of changes in equity, statement of retained earnings or accumulated deficit and notes to the financial statements).
Additionally, the audit report shall contain the scope paragraph, which describes the nature and scope of the work performed and the auditor's responsibility for the audited financial statements, as well as the opinion paragraph, which expresses the auditor's opinion on the financial statements based on the conclusions obtained during the performance of the work.