Audit 1 Module 10 - Other Information

Question 1

Other information includes

Answer 1

A report by management on operations
Financial summaries or highlights employment data
planned capital expenditures
financial ratios
names of officers and directors selected quarterly data

Question 2

In order to issue an opinion on whether the supplementary information is fairly stated the auditor must determine that the following five conditions are met

Answer 2

-The information relates DIRECTLY to the information used to prepare the financial statements
-It is the same PERIOD as the financial statements
-neither an adverse opinion nor a disclaimer opinion was issued on the financial statements