10 Apr Many of you question about dating in independent's auditor report and related issue. SAP 47 covered the subject matter of this. On other hand SAS 29, created a. 01 The auditor should date the audit report no earlier than the date on which the auditor has obtained sufficient appropriate evidence to support the auditor's opinion. Paragraph describes the procedure to be followed when a subsequent event occurring after the report date is disclosed in the financial statements. Thanks to Julius Lewiel for A2A. I can only tell you the differences from the standpoint of a financial printer. Please make allowances if there is discrepancy with the GAAP standards in accounting. The terms are supposedly self- explanatory: Date of the auditor's report is the date when the auditor finalises and completes the.
SAP 47 covered the subject matter of this. On other hand SAS 29, created a difference in responsibilities for types of reissued reports. If the client is furnished with additional copies of a previously issued report, the auditor has no responsibility to perform any procedures click to reprinting the report unless the auditor has become aware of the need to adjust or make disclosure in the financial statements.
In the case of a predecessor auditor consenting to reuse a previous report, additional procedures are always required.
AU Section 530
This post discusses those parts of the SAP that told the auditor how to date the report in the following circumstances: Some related topic [i. Under ordinary conditions, the auditor should date his or her report as of the date of completion of fieldwork. The auditor does not have to make inquiries or apply other auditing procedures after the date of his or her report under ordinary conditions.
This post discusses those parts of the SAP that told the auditor how to date the report in the following circumstances: The independent auditor has two methods for dating the report when a subsequent event disclosed in the financial statements occurs after the auditor has obtained sufficient appropriate evidence on which to base his or her opinion, but before the issuance of the related financial statements. Evaluating Consistency of Financial Statements. It is the date up to which the auditor is responsible for keeping informed about events affecting the financial statements being reported on.
However, additional procedures might be required. Subsequent Events Requiring Adjustment of Financial Statements — Some events that require adjustment might be made without disclosure, but some events require additional disclosure to be understood. Subsequent Events Requiring Disclosure — Some subsequent events only require disclosure of information in the notes to the financial statements.
Its purpose is to determine whether the financial statements being reported on require adjustment or additional disclosures. 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. When the auditor reissues the report and uses the original report date, he or she does not have to investigate or inquire about events affecting read more financial statements reported on that may have occurred between the original date and the reissuance date.
If the auditor is a continuing auditor, the report has to be updated.
Responsibilities and Functions of the Independent Auditor. Its purpose is to determine whether the financial statements being reported on require adjustment or additional disclosures. Supervision of the Audit Engagement. Subsequent Events Requiring Disclosure — Some subsequent events only require disclosure of information in the notes to the financial statements.
If the auditor is a predecessor auditor and the client is reusing the report, additional procedures are required, including a requirement to obtain an updating representation letter from management and a representation letter from the successor auditor.
Events Requiring Adjustment or Disclosure — The auditor may be aware of an event that occurred between the original report source and the reissuance date that affects the financial statements reported on.
This event click here require disclosure to prevent the financial statements from being misleading. Events occurring between the original report date and the reissuance date do not require adjustment of the financial statements unless the adjustment results in the correction of an error.
When the auditor reissues the report and the financial statements have been adjusted or events have been disclosed in the notes, he or she should dual date the report or date it as of the date of the event responsible for the adjustment or the disclosure. The effect of source event may cause the auditor to express an opinion different Dating Of The Independent Auditors Report the one he or she originally expressed.
An example of the heading to use for this type of note follows: Under ordinary conditions, the auditor has no responsibility to make any inquiry or carry out any procedures for the period after the date of his or her report.
An exception might arise if the audit report is reissued as explained previously. An exception might also arise in Dating Of The Independent Auditors Report of the following circumstances. There is no authoritative pronouncement that provides guidance on how to determine the date of completion of fieldwork.
The auditor and the client may arrange for a formal closing conference to review the financial statements. The conclusion of this conference may be considered the date of completion of the fieldwork. Additional advice on issues concerning dating of the audit report is presented in the Techniques for Application section of Section Ordinarily, this is the date that the auditor and the client agree on the form and content of the financial statements.
Sometimes, the date is a matter of judgment see Techniques for Application.
AS Dating of the Independent Auditor's Report
It is the date up to which the auditor is responsible for keeping informed about events affecting the financial statements being reported on. Reuse by the client requires that certain procedures be performed before the auditor can consent.
An auditor also may dual date a reissued audit report because of an event that occurs after issuance of the original audit report.
Completing the Audit Cycle
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