What it is
AU-C 700, as amended by SAS 134, sets the structure of the auditor's report for a nonissuer: the Opinion section first, then Basis for Opinion, then the responsibilities of management and of the auditor.
This template is an unmodified opinion on comparative financial statements prepared under US GAAP. Add any sections the engagement needs (emphasis-of-matter, other-matter, going concern, key audit matters if engaged).
When to use it
- Private company and not-for-profit audits with a clean opinion under US GAAP.
- As a starting draft to adapt for single-year statements or a special purpose framework.
What’s inside
- Title, addressee and Opinion section
- Basis for Opinion (GAAS, independence, sufficient appropriate evidence)
- Responsibilities of management, including the going concern evaluation
- Auditor's responsibilities, including professional skepticism and communication with those charged with governance
- Firm signature, city and state, and report date
Standard cited
This template follows AU-C 700 (SAS 134). It is written in our own words, except for phrases the standard requires the document to contain, with [bracketed placeholders] for client details, amounts in USD and dates as MM/DD/YYYY. Check it against the current standard and your firm’s methodology before use. See AU-C 700 explained.
Questions
What order do the sections go in under SAS 134?
Opinion first, then Basis for Opinion. Going concern, emphasis-of-matter, other-matter and key audit matters sections follow where applicable, then the responsibilities of management and the auditor’s responsibilities.
Can I use this for a public company?
No. Issuer audits follow PCAOB standards (AS 3101), which use a different report. This template is for nonissuers under AICPA standards.
When is the report dated?
No earlier than the date the auditor has obtained sufficient appropriate evidence, including evidence that the complete statements were prepared and management has taken responsibility for them.
Related templates
- Management Representation Letter (AU-C 580)
- Communication With Those Charged With Governance (AU-C 260)
- GAAP Disclosure Checklist (Private Company, Short Form)
Last updated 11/04/2026. All free templates.