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.