Glossary of Municipal Securities Terms

AUDIT REPORT

The report prepared by an auditor following its audit or investigation of an entity’s financial position and results of operations for a given period of time. As a general rule, the report should include: (a) a statement of the scope of the audit; (b) explanatory comments concerning exceptions from generally accepted accounting principles and auditing standards; (c) expression or disclaimer of opinions; (d) explanatory comments concerning verification procedures; (e) financial statements and schedules; and (f) statistical tables, supplementary comments and recommendations. See: AUDITED FINANCIAL STATEMENT. Compare: INTERIM PERIOD FINANCIAL STATEMENTS.

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