Describe the Five Types of Reports That Might Be Issued

question 23

Essay

Describe the five types of reports that might be issued by an auditor of a service organisation (service auditors).

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Definitions:

Market Value

The contemporary pricing for transactions involving assets or services on the market.

Stock Split

A corporate action that increases the number of a company's outstanding shares by issuing more shares to current shareholders, thus reducing the price of each share.

Shares

Units of ownership interest in a corporation or financial asset that provide for an equal distribution in any profits, if any are declared, in the form of dividends.

Legal Entity

An organization that has legal rights and obligations, including the ability to enter into contracts and own property.