Required Supplementary Information Flashcards
1
Q
What are the audit procedures for required supplementary information?
A
- Inquire of management about the methods used to prepare the information
- Compare for consistency
- Ensure there are no material departures
- Required supplementary information
2
Q
T/F: The auditor would include a “other-matter” paragraph for required supplementary F/S?
A
TRUE!
3
Q
What is required to be stated in the “other-matter” paragraph?
A
- That it is included in the F/S
- Whether it is omitted
- Some of it missing?
- Did the auditor identify material departures
4
Q
if there is a deficiency on the supplemental information, does it impact the opinion on the F/S? IMPORTANT
A
NO!! IT DOES NOT IMPACT THE OPINION ON THE F/S!!
The opinion on the F/S will not be downgraded.
