Long-form report definition

What is a Long-Form Report?

A long-form report is an expanded form of audit report that is issued by an external auditor. The content of this report includes the following:

  • The audit scope

  • The auditors' opinion regarding the financial statements of the client

  • The key risks identified and how the auditors responded to those risks

  • The percentage change in accounts

  • An evaluation of the financial status of the client

  • Recommendations for improving financial systems. This can be a particularly important part of the report, since it informs the client about possible control enhancements that can be implemented. The auditor may also suggest a variety of operational best practices, though the auditor’s main focus is on the robustness of the underlying control systems.

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