Dual dating an auditors report implies that, related flashcards
The audit committee Which of the following is not a required communication with the audit committee? Use the current-period auditor's report date on the reissued report.
That the statements were audited by a predecessor auditor.
In this case, Monday Corp. Go back to the client's office and extend testing to the date of the tornado, thereby taking responsibility for all events up to the date of the tornado. Reporting on supplementary information relation to the financial statements as a whole.
Choice "a" is incorrect. All material and immaterial disclosures have been reported.
In this case, what should the auditor do? In May, Year 4, an auditor reissues the auditor's report on the Year 2 financial statements at a continuing client's request. The Year 2 financial statements are not restated and the auditor does not revise the wording of the report.
An audit report would indicate a division of responsibility when the principal auditor's opinion is based in part on the report of another auditor. Choices "a", "d", and "b" are incorrect. The opinion paragraph in an adverse opinion should state that, in the auditor's opinion, because of the significance of the matter s described in the basis for adverse opinion paragraph, the financial statements are.
On other hand SAS 29, created a difference in responsibilities for types of reissued reports. Yielding to management's demands in order to promote additional service engagements.
Which Dual dating an auditors report implies that of the following would be the most effective procedure for discovering material Type II subsequent events?
If Shah's report is not presented, an other-matter paragraph should be included to describe this situation. Explanation Choice "a" is correct. Question CPA Comparative financial statements include the financial statements of the prior year that were audited by a predecessor auditor whose report is not presented.
In the case of a predecessor auditor consenting to reuse a previous report, additional procedures are always required. When the adjustment is made with disclosure of the event, the auditor should dual date the report or date it as of the date of the event.
An auditor who is unable to form an opinion on a new client's opening inventory balances may issue an unmodified opinion on the current year's: Since the auditor was unable to gather sufficient evidence on the beginning balances of the balance sheet accounts, the auditor would be unable to express an opinion on the current year's results of operations and cash flows.
Set the Language
Before reissuing the prior year's audit report on the financial statements of a former client, the auditor should 1 read the financial statements of the current period, 2 compare the prior period information that the auditor reported on with the financial statements to be presented for comparative purposes, and 3 obtain letters of representation from management of the former client and from the successor auditor.
If the auditor dates the report as of the date of the subsequent event rather than dual dating the report he or she should extend the subsequent events review to that date. Some related topic [i.
This post discusses those parts of the SAP that told the auditor how to date the report in the following circumstances: If Shah's report was qualified due to a scope limitation, Jules may still issue an unmodified opinion on the current year's financial statements.
Economic trends What is the letter called that is drafted by the auditor and reports observations to management which may help management perform more effectively? Which of the following individuals should sign the management representation letter?
Which of the following is not a required communication with the audit committee?
Not name Jewel as the predecessor auditor. Financial statements adjusted, disclosure.
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