DEFINITION of 'Short-Form Report'

A brief summary of an audit that has been performed. The short-form report describes the scope of the audit (what financial statements the auditor has examined) and the findings of the audit (whether the reports appear to be accurate). A short form may be used in conjunction with a more detailed long form or complete auditor's report.

BREAKING DOWN 'Short-Form Report'

The short-form report usually consists of only two paragraphs and includes the auditor's official opinion (unqualified, qualified, disclaimer or adverse) of the financial statements reviewed. One advantage of a short-form report is that it saves money because it takes the auditor less time to prepare. However, its brief length may not be sufficient to provide all desirable information if the auditor issues any opinion other than "unqualified."

RELATED TERMS
  1. Audit Cycle

    The accounting process that auditors employ in the review of ...
  2. Audit

    An unbiased examination and evaluation of the financial statements ...
  3. Auditor's Report

    Recorded in the annual report, the auditor's report tests to ...
  4. Auditor

    An official whose job it is to carefully check the accuracy of ...
  5. Auditability

    The ability to achieve accurate results in the examination of ...
  6. Unqualified Audit

    Also known as a complete audit. An audit that has been performed ...
Related Articles
  1. Financial Advisor

    Examining A Career As An Auditor

    Stricter government regulations have put auditing professionals in demand.
  2. Taxes

    What Does an Auditor Do?

    An auditor ensures that organizations maintain accurate and honest financial records.
  3. Personal Finance

    Financial Auditor: Job Description & Average Salary

    Discover what it means to hold a financial auditor position, including typical job duties, education and training, required skills and expected salary.
  4. Personal Finance

    Financial Auditor: Career Path & Qualifications

    Learn more about what it takes to become an internal or external financial auditor, and determine whether the profession is right for you.
  5. Managing Wealth

    Internal Auditor: Job Description & Average Salary

    Learn about what the job of internal auditor entails, as well as the median salary, education and certifications required and future career path.
  6. Personal Finance

    Internal Auditor: Career Path & Qualifications

    Find out what kind of work internal auditors do in large organizations, and learn more about how to get started working in the field.
  7. Personal Finance

    Career Advice: Accounting Vs. Auditing

    Understand the subtle distinctions between accounting and auditing, and learn what each offers a new graduate in terms of salary, job security and daily life.
  8. Investing

    Why Companies Welcome an Unqualified Opinion

    An unqualified opinion is an independent auditor’s opinion that a company’s financial statements are fair and accurate.
  9. Taxes

    What's an Audit?

    An audit is an objective examination of accounting records that makes sure the records are a fair and accurate representation of the transactions they claim to represent.
  10. Insights

    IT Security Auditing

    Find out about this promising career that can match IT with business studies.
RELATED FAQS
  1. How important are contingent liabilities in an audit?

    Read about the importance of contingent liabilities during an audit, why audits are necessary and how contingent liabilities ... Read Answer >>
  2. What should I do to prepare for an IRS audit?

    Find out how to prepare for an IRS audit, what kinds of audits you might face and what kinds of habits you should develop ... Read Answer >>
  3. What are some examples of inherent risk?

    Read about the nature of inherent risk in preparing and executing financial audits, including some common situations that ... Read Answer >>
  4. How is inherent risk assessed by an auditor?

    Learn how CPA auditors assess the levels of inherent risk of different audit areas that they use to design the procedures ... Read Answer >>
  5. Are IRS audits random?

    Learn about how the U.S. Internal Revenue Service (IRS) conducts its tax audits based on random selection, document matching ... Read Answer >>
  6. What is an IRS letter audit / audit by correspondence?

    Learn about IRS letter audits, how tax returns are selected for audits and the common outcomes in the letter audits conducted ... Read Answer >>
Hot Definitions
  1. Federal Direct Loan Program

    A program that provides low-interest loans to postsecondary students and their parents. The William D. Ford Federal Direct ...
  2. Cash Flow

    The net amount of cash and cash-equivalents moving into and out of a business. Positive cash flow indicates that a company's ...
  3. PLUS Loan

    A low-cost student loan offered to parents of students currently enrolled in post-secondary education. With a PLUS Loan, ...
  4. Graduate Record Examination - GRE

    A standardized exam used to measure one's aptitude for abstract thinking in the areas of analytical writing, mathematics ...
  5. Graduate Management Admission Test - GMAT

    A standardized test intended to measure a test taker's aptitude in mathematics and the English language. The GMAT is most ...
  6. Magna Cum Laude

    An academic level of distinction used by educational institutions to signify an academic degree which was received "with ...
Trading Center