A special report is a customized financial report that deviates from the standard formats required by Generally Accepted Accounting Principles. These unique reports are typically used to comply with contractual agreements or regulations and can include certain sections, accounts, or items of a financial statement.
The purpose of the special report is to provide the reader with a brief and informative summary of the research process as well as the results of your systematic investigation. The special report is expected to present the major findings of your work, which are supported by relevant illustrations and graphs. You should also include the significance of your research and the gaps in knowledge that it sought to fill, if applicable.
The special report is intended for a broad range of readers, including those in the general public and in academic institutions. It should be written in a style that is appropriate for your audience. For example, if your audience is general, you should present your report in a way that is easy to understand, while a more specialized audience may require the use of field-specific terms.
If there has been a change in the application of accounting principles or a change in the method of their application, the auditor should add an explanatory paragraph to the special report (immediately following the opinion paragraph) that describes the change and refers to a note to the financial presentation (or specified elements, accounts, or items thereof) that discusses the effect of the change. See the discussion in AT section 201, Agreed-Upon Procedures Engagements, for guidance on reporting in such circumstances.
About the Author
