Opinion ID: 1998458
Heading Depth: 1
Heading Rank: 6

Heading: Examinations or Audit Reports.

Text: In contrast, an examination or audit report requires a more detailed level of performance from the auditor. As noted by the AICPA, [i]n an attest engagement designed to provide a high level of assurance (referred to as an examination), the practitioner's objective is to accumulate sufficient evidence to restrict attestation risk to a level that is, in the practitioner's professional judgment, appropriately low for the high level of assurance that may be imparted by his or her report. In such an engagement, a practitioner should select from all available procedures-that is, procedures that assess inherent and control risk and restrict detection risk-any combination that can restrict attestation risk to such an appropriately low level. [ Id. at AT § 101.54.] Unlike a review report, the language designated for use in an examination or audit includes the expression of the auditor's opinion based on statistically significant sampling techniques and the specific language in which that opinion is expressed as provided by the SAS. See id. at AT § 101.114. [11] The language of KPMG's audit opinion here tracks the language explicitly set forth in the SAS.