Dating audit

dating audit

Can the auditor use dual dating in the audit report?

Alternatively, the auditor may use dual dating in the audit report. Under this course of action, the original date is retained except for the dating of the subsequent event.

When should the Auditor date the audit report?

.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 auditors opinion. Paragraph .05 describes the procedure to be followed when a subsequent event occurring after the report date is disclosed in the financial statements.

What should the Auditor say to the auditee (s) during the audit?

Finally, the auditor should offer thanks to the auditees for their co-operation during the audit and inform them as to when the audit report will be produced. Thank the auditee (s) for their assistance during the internal audit.

What is discovery of facts existing at the date of Audit?

Discovery of the Facts Existing at Report Date The auditor has no responsibility for the post-audit of facts existing at the date of the audit report. The subsequent discovery of facts existing at the date of the auditor’s report indicates that; The auditor becomes aware of such facts, and

What is dual dating in audit?

Dual dating is the most common practice because redacting of the entire report extends the auditors’ overall responsibility beyond completion of failed work under redacting the auditor should extend the subsequent events review procedures to the letter date. 2. Discovery of the Facts Existing at Report Date

When should the Auditor date the audit report?

.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 auditors opinion. Paragraph .05 describes the procedure to be followed when a subsequent event occurring after the report date is disclosed in the financial statements.

What is the proper title for a dual standards audit report?

As set forth in Interpretation 4 (AUC 9700.17), if the firm reporting on an audit conducted under dual standards is not a PCAOB-registered firm, the report should be titled the same way as a GAAS-only report; if the firm is registered, the report may (but is not required to) be titled as would be required for a PCAOB-only report.

Can an audit report comply with two different reporting models?

Prior to this, reporting on an audit conducted in accordance with both sets of standards presented auditors with the dilemma of determining which body’s reporting standard should control the content of the report—since it has always been impossible to comply with two different reporting models in a single report.

What is the auditor’s responsibility for the discovery of facts?

The auditor has no responsibility for the post-audit of facts existing at the date of the audit report. The subsequent discovery of facts existing at the date of the auditor’s report indicates that; the facts may have affected the report that was issued; the auditor is required to ascertain the reliability of the information.

What should the Auditor do when a new information is introduced?

Audit the new information. The auditor should audit how the client has accounted for the new information and reflected it in the financial statements and related notes. Update and reissue the auditors report.

When to follow the procedures described in the audit procedures?

.01 The procedures described in this section should be followed by the auditor who, subsequent to the date of the report upon audited financial statements, becomes aware that facts may have existed at that date which might have affected the report had he or she then been aware of such facts.1

What are the AICPA clarified statements on Auditing Standards?

The AICPA Clarified Statements on Auditing Standards, specifically AU-C Section 560, Subsequent Events and Subsequently Discovered Facts, guide the auditors response to subsequently discovered facts in an audit engagement. Auditors should consider implementing the following measures when responding to a subsequent discovery of fact:

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