AUD1 Flashcards
Auditor’s responsibility of other information
Read the other information for material inconsistencies
Reporting on other information
separate section within audit report titles “other information”
Auditor’s responsibility for supplementary information
Evaluate presentation and determine if it is fairly stated, in all material respects, in relation to financial statements as a whole.
Reporting supplementary information
Separate report or in the audit report titled “Supplementary information”
When is an opinion on supplementary information prohibited?
When the auditor issues an adverse or disclaimer of opinion on the financial statements.
Auditor’s responsibility for required supplementary information
Perform limited procedures
Reporting required supplementary information
A separate section titled “Required supplementary information” used.
Audit report for OCBOA
Emphasis of matter paragraph informing readers (Cash, Tax basis, Regulatory [not for general use], contractual, other basis)
What type of special purpose framework audit reports are restricted use?
Contractual basis and regulatory basis [not for general use]
Regulatory basis for general use
Dual opinion on special purpose framework and GAAP
Options for reporting on a framework for distribution outside of the United States
- The report of the other country
- A modified form of the US report
Auditor’s responsibility for subsequent events (PRIME)
Post balance sheet transactions Representation letter Inquiry Minutes Examination of Interim financial statements
Professional standards setters and guidelines for audit of non-issuers
AICPA Statements on auditing standards (SAS)
Professional standards setters and guidelines for audit of issuers
PCAOB Auditing standards (AS)
Contents of unmodified audit report (non-issuer)
- TAO-BMA-LSD Title (independent) Addressee Opinion Basis for opinion Management's responsibilities Auditor's responsibilities Legal/Regulatory Sign, State Date
