An independent auditor's report represents the culmination of the audit process and provides a written conclusion for use by third parties.
The current auditor's reporting model,first standardized in the 1940s,provides uniform language in order to make reports comparable;however,over the years,various groups have asked for modifications to the report in order to enhance the communication between auditors and financial statement users.
These requests have generally entailed additional information on the audit process,including a perspective on the potential risks of material misstatement in the financial statement.