Lesson: Practitioner's Examination Report

In this lesson, Nick Palazzolo discusses the components of a practitioner's examination report, which serves as the final deliverable in the process of assessing an entity's compliance with specified requirements. Components of the report include the title indicating practitioner's independence, the identification of responsible parties and the period covered, statements outlining the responsibilities of both the entity's management and the practitioner, and the requirement that the examination must be conducted in accordance with attestation standards set by the AICPA.<br><br>The lesson also covers the elements necessary for forming both clean (unmodified) and modified opinions, as well as examples of when such modifications may be necessary. Nick explains the scenarios when practitioners may need to issue qualified, adverse, or disclaimed opinions, and provides the specific language and format for each type. Emphasis is placed on ensuring that the examination report is clear, concise, and effectively communicates findings to the intended audience, which in many cases may be a bank or government agency.