Flashcards in Report on Other Information Deck (17):
What should auditors do to other information in documents containing audited financial statements?
Read the other information
What should an auditor do if other information requires revision but management refuses to make revision?
Include Other-Matter paragraph in auditor's report, Withhold report, or withdraw from engagement
What should an auditor do if other information has a material misstatement of fact and management refuses to correct?
Notify those charged with governance
Can an auditor write and other-matter paragraph disclaiming an opinion on the other information?
What is supplementary information considered?
Information presented outside the financial statements
What objectives does an auditor have when reporting on supplementary information?
Evaluate presentation and report on whether supplementary information is fairly stated, in all material respects
What audit procedures are used for auditing supplementary information?
Inquire of management, determine if information complies with applicable criteria, Obtain preparation method, Compare information with audited financial statements, inquire regarding assumption, evaluate information, and obtain written representations
How can an auditor's report on supplementary information be presented?
As an other-matter paragraph in the auditor's report or in a separate report
What procedures are done on required supplementary information?
Inquire of management, determine if supplementary information is consistent, and obtain written management representations
Is an auditor required to audit required supplementary information?
Where should an auditor include required supplementary information?
Can a reporting accountant report on the application of accounting principles to a hypothetical transaction?
Is a reporting accountant required to be independent of the entity?
Should a reporting accountant's report restrict use to specific parties?
If the reporting accountant is not independent, a statement in the report should include?
Lack of independence
For distribution of reports only outside the U.S., the auditor may use either?
Report of other country or U.S. form of report that reflects that the financial statement reflects being prepared in accordance with framework gnerally accepted in another country