What is the MINIMUM number of paragraphs found in any independent auditor's report?

The minimum number of paragraphs found in any independent auditor's report is typically three. This structure is established by auditing standards, such as those set forth by the American Institute of Certified Public Accountants (AICPA) and the Public Company Accounting Oversight Board (PCAOB).

The three paragraphs typically include:

1. Introductory Paragraph: This paragraph states the financial statements that were audited and identifies the entity and the period covered by the financial statements.

2. Management’s Responsibility Paragraph: This indicates that management is responsible for the preparation and fair presentation of the financial statements and for designing, implementing, and maintaining internal controls relevant to the preparation of the financial statements.

3. Auditor’s Responsibility Paragraph: This outlines the auditor's responsibilities, describing the audit process and the auditor's opinion on the financial statements based on their audit.

While a report can contain additional paragraphs, such as an opinion paragraph and explanatory paragraphs regarding emphasis of matter or other issues, the minimum requirement is three distinct paragraphs to adequately address the key components of an independent auditor's report.