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Flashcards in Reports on Comparative Financial Statements Deck (9)
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1

What statements must be disclaimed if the beginning balances are not ascertainable?

Statements of income, retained earnings, and cash flows

2

If the auditor becomes aware of evidence that affects the prior statements and the opinion that was expressed, what should the auditor do?

Update the opinion on the current year's report

3

What paragraph should the auditor use if the updated opinion differs from the previous opinion?

Emphasis-of-matter or other-matter paragraph

4

What should the paragraphs disclose?

Date of auditors previous report, Previous opinion, Reason for prior opinion, Changes, Statement opinion is different

5

What should the predecessor auditor do in deciding whether to reissue their report?

Read current statements, Compare statements, Obtain rep letter from successor auditor and management

6

What date should be used if previous report is unrevised?

Original report date

7

What date should be used if previous report is revised?

Dual date

8

What should the successor auditor do if report of predecessor auditor is not reissued?

Express an opinion on current financials and indicate other-matter paragraph for previous report

9

If prior period statements were only reviewed or compiled, what should the auditor include?

Other-matter paragraph