Chapter 18. Reports on Audited Financial Statements
|
|
|
- Damon Riley
- 5 years ago
- Views:
Transcription
1 Chapter 18 Reports on Audited Financial Statements Copyright 2014 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
2 Reporting on the Financial Statement Audit: The Standard Unqualified Report Eight Elements 1. Report title 2. Addressee 3. Introductory paragraph 4. Scope paragraph 5. Opinion paragraph 6. Explanatory paragraph referring to the audit of ICFR 7. Name of auditor 8. Audit report date The standard unqualified report is issued when the auditor has gathered sufficient evidence, the audit has been performed in accordance with PCAOB standards, and the financial statements conform to GAAP. LO#
3 Standard Unqualified Audit Report (PCAOB) LO#
4 Reporting on the Financial Statement Audit: The Standard Nine Elements 1. Report title 2. Addressee 3. Introductory paragraph 4. Management s responsibility 5. Auditor s responsibility 6. Scope paragraph 7. Opinion paragraph 8. Name of auditor 9. Audit report date Unmodified Report The standard unmodified report is issued when the auditor has gathered sufficient evidence, the audit has been performed in accordance with GAAS, and the financial statements conform to GAAP. LO#
5 Adjustments to the Standard Unqualified/Unmodified Financial Statement Audit Report LO#
6 Adjustments to the Standard Unqualified/Unmodified Financial Statement Audit Report LO# 2 Explanatory Paragraph: Reference to report on audit of ICFR Explanatory Paragraph: Going concern Modified Wording: Opinion based in part on the report of another auditor Explanatory Paragraph: Lack of consistency Explanatory Paragraph: Additional emphasis 18-6
7 LO# 2 Explanatory language is added to the auditor s responsibility and opinion paragraphs of the report when an auditor s opinion is based in part on the report of another auditor. 18-7
8 LO# 2 Reference to Other Auditors 18-8
9 LO#
10 Going Concern When the auditor concludes that there is substantial doubt about an entity s ability to continue as a going concern, the auditor should consider the possible effects on the financial statements and the related disclosures. LO#
11 Lack of Consistency LO# 2 If a change in accounting principle or in the method of its application materially affects the comparability and the consistency of the financial statements, and the auditor concurs with the change, the auditor should discuss the change in an explanatory or emphasis of-matter paragraph to highlight the lack of consistency. Changes Affecting Consistency Changes Not Affecting Consistency Change in accounting principle Correction of a misstatement in F/S Change in reporting entity Change in accounting estimate Change in classification and reclassification Change expected to have a material future effect 18-11
12 LO# 2 Additional Emphasis Under certain circumstances an auditor may want to emphasize a specific matter regarding the financial statements even though he or she intends to express an unqualified/unmodified opinion. This information should be presented in an explanatory paragraph
13 Conditions for Departure from LO# 3 Unqualified/Unmodified Report 18-13
14 Departures from an Unqualified/Unmodified Financial Statement Audit Report LO#
15 LO# 5 Effect of Materiality: Pervasiveness 18-15
16 Effect of Materiality LO#
17 Discussion of Conditions Requiring Other Types of Financial Statement Audit Reports LO# 5 Scope Limitation Results from an inability to obtain sufficient appropriate evidence about some component of the financial statements. Not in Conformity with GAAP Auditor Not Independent Results when auditor has some form of prohibited relationship with the entity (see Ch. 19)
18 Discussion of Conditions Requiring Other Types of Financial Statement Audit Reports LO# 5 Scope Limitation Issue a qualified opinion or a disclaimer. Not in Conformity with GAAP Issue a qualified opinion or adverse opinion. Auditor Not Independent Issue a disclaimer
19 LO# 5 Scope Limitation: Disclaimer 18-19
20 LO# 5 Scope Limitation: Qualified 18-20
21 LO# 5 Not GAAP: Qualified 18-21
22 LO# 5 Not GAAP: Adverse 18-22
23 LO# 6 Special Reporting Issues Different reports on comparative financial statements Change in report on prior-period financial statements Report by a predecessor auditor 18-23
24 Different Reports on Comparative Financial Statements LO#
25 LO# 6 Restated Prior-Period 18-25
26 LO# 6 Report by a Predecessor Auditor The predecessor auditor should do the following before reissuing a report on prior-year financial statements published for comparative purposes: 1. Read the financial statements of the current period. 2. Compare the prior-period financial statements reported on with the current-year financial statements. 3. Obtain a letter of representation from the current-year or successor auditor
27 Other Information in Documents Containing Audited Financial Statements LO# 7 The auditor has no responsibility beyond the financial information contained in the report, and he or she has no obligation to perform any audit procedures to corroborate the other information. However, the auditor is required to read the other information and consider whether it is consistent with the information contained in the audited financial statements. Annual Reports Registration Statements 18-27
28 LO# 7 Special Reports Financial statements prepared on a basis of accounting other than GAAP Specified elements, accounts, or items of a financial statement Compliance with aspects of contractual agreements or regulatory requirements 18-28
29 Financial Statements Prepared According to a Special Purpose Framework LO# 8 Regulatory Basis Tax Basis Cash (or Modified Cash) Basis Contractual Basis 18-29
30 Specific Elements, Accounts, or Items of a Financial Statement LO# 9 In some situations, an auditor may be engaged to audit only part (or specified elements, accounts, or items) of the financial statements. Rather than auditing specified elements, accounts, or items, an auditor may be engaged to apply only agreed-upon procedures
31 LO# 10 Compliance Reports Related to Audited Financial Statements The auditor provides negative assurance as to compliance with the provisions of contractual agreements or regulatory requirements
32 End of Chapter
Chapter 17. Auditors Reports. McGraw-Hill/Irwin. Copyright 2012 by The McGraw-Hill Companies, Inc. All rights reserved.
Chapter 17 Auditors Reports McGraw-Hill/Irwin Copyright 2012 by The McGraw-Hill Companies, Inc. All rights reserved. Audit Report Providing an independent and expert opinion on the fairness of financial
Reporting on an Audit:
Public Accounting Report Basics Reporting on an Audit: Critical: Memorize the standard audit report. Even though recent exams have not required writing a standard report, expect a significant number of
AUD-6 Appendix: Reports per PCAOB AS [applicable only for Q1 & Q2 2018; w.e.f. Q3 2018, new format PCAOB reports are tested]
![AUD-6 Appendix: Reports per PCAOB AS [applicable only for Q1 & Q2 2018; w.e.f. Q3 2018, new format PCAOB reports are tested]](/thumbs/80/81484906.jpg "AUD-6 Appendix: Reports per PCAOB AS [applicable only for Q1 & Q2 2018; w.e.f. Q3 2018, new format PCAOB reports are tested]")
: Reports per PCAOB AS [applicable only for Q1 & Q2 2018; w.e.f. Q3 2018, new format PCAOB reports are tested] A-6.1) Audit Reports I) Unqualified Opinion [PCAOB AS 3101: Reports on Audited F/S] II) Unqualified
Gleim CPA Review Updates to Auditing and Attestation 2018 Edition, 1st Printing June 2018
Page 1 of 24 Gleim CPA Review Updates to Auditing and Attestation 2018 Edition, 1st Printing June 2018 NOTE: Text that should be deleted is displayed with a line through it. New text is shown with a blue
Audit Opinion Session-02. November
Audit Opinion Session-02 November - - 2018 Audit Opinion After concluding the field work the auditor forms an opinion on whether the financial statements are prepared, in all material respects, in accordance
CPA REVIEW SCHOOL OF THE PHILIPPINES M a n i l a
CPA REVIEW SCHOOL OF THE PHILIPPINES M a n i l a AUDITING THEORY AUDIT REPORT Related PSAs: PSA 700, 710, 720, 560, 570, 600 and 620 1. When an independent auditor expresses an unqualified opinion he asserts
BUS 425 Auditing Tad Miller 1/24/2018 Intro, objectives, assertions, reporting. 1 AUDITING Write the definition of auditing.
BUS 425 Auditing Tad Miller 1/24/2018 Intro, objectives, assertions, reporting 1 AUDITING Write the definition of auditing. Auditing is the accumulation and evaluation of evidence about information to
STAFF GUIDANCE CHANGES TO THE AUDITOR'S REPORT EFFECTIVE FOR AUDITS OF FISCAL YEARS ENDING ON OR AFTER DECEMBER 15, 2017
1666 K Street NW Washington, DC 20006 Office: (202) 207-9100 Fax: (202) 862-8430 www.pcaobus.org STAFF GUIDANCE CHANGES TO THE AUDITOR'S REPORT EFFECTIVE FOR AUDITS OF FISCAL YEARS ENDING ON OR AFTER DECEMBER
Emphasis-of-Matter Paragraphs and Other-Matter Paragraphs in the Independent Auditor s Report
Emphasis-of-Matter Paragraphs and Other-Matter Paragraphs 865 AU-C Section 706 Emphasis-of-Matter Paragraphs and Other-Matter Paragraphs in the Independent Auditor s Report Source: SAS No. 122. Effective
STAFF GUIDANCE CHANGES TO THE AUDITOR'S REPORT EFFECTIVE FOR AUDITS OF FISCAL YEARS ENDING ON OR AFTER DECEMBER 15, 2017
1666 K Street NW Washington, DC 20006 Office: (202) 207-9100 Fax: (202) 862-8430 www.pcaobus.org STAFF GUIDANCE CHANGES TO THE AUDITOR'S REPORT EFFECTIVE FOR AUDITS OF FISCAL YEARS ENDING ON OR AFTER DECEMBER
Comparative Information Corresponding Figures and Comparative Financial Statements
SINGAPORE STANDARD SSA 710 ON AUDITING Comparative Information Corresponding Figures and Comparative Financial Statements SSA 710, Comparative Information Corresponding Figures and Comparative Financial
STAFF GUIDANCE CHANGES TO THE AUDITOR'S REPORT EFFECTIVE FOR AUDITS OF FISCAL YEARS ENDING ON OR AFTER DECEMBER 15, 2017 DECEMBER 4, 2017
1666 K Street NW Washington, DC 20006 Office: (202) 207-9100 Fax: (202) 862-8430 www.pcaobus.org STAFF GUIDANCE CHANGES TO THE AUDITOR'S REPORT EFFECTIVE FOR AUDITS OF FISCAL YEARS ENDING ON OR AFTER DECEMBER
Comparative Information Corresponding Figures and Comparative Financial Statements
SINGAPORE STANDARD SSA 710 ON AUDITING Comparative Information Corresponding Figures and Comparative Financial Statements This SSA 710 Comparative Information Corresponding Figures and Comparative Financial
CHAPTER 17. Auditors' Reports. Review Questions
CHAPTER 17 Auditors' Reports Review Questions 17 1 The sections of the standard audit report for a nonpublic company are: (1) introductory section (which does not have a section title), (2) management
AS 3101, The Auditor's Report on an Audit of Financial Statements When the Auditor Expresses an Unqualified Opinion
Page A1 1 APPENDIX 1 AS 3101, The Auditor's Report on an Audit of Financial Statements When the Auditor Expresses an Unqualified Opinion Introduction.01 The auditor's report contains either an expression
INTERNATIONAL STANDARD ON AUDITING (NEW ZEALAND) 710
Issued 07/11 Compiled 10/15 INTERNATIONAL STANDARD ON AUDITING (NEW ZEALAND) 710 Comparative Information Corresponding Figures and Comparative Financial Statements (ISA (NZ) 710) This compilation was prepared
Initial Audit Engagements Opening Balances
SINGAPORE STANDARD SSA 510 ON AUDITING Initial Audit Engagements Opening Balances SSA 510, Initial Audit Engagements Opening Balances superseded SSA 510, Initial Engagements Opening Balances in January
1 report title auditing standards require the report to be titled and the title include the word independent
Chapter 20 Audit Reports 1 report title auditing standards require the report to be titled and the title include the word independent 2 audit report address usually addressed to the company, its stockholders,
Webinar: New Auditor s Report Overview of Changes Effective in 2017
Webinar: New Auditor s Report Overview of Changes Effective in 2017 Disclaimer The views expressed by each of the presenters are their own personal views and not necessarily those of the PCAOB, members
Initial Audit Engagements Opening Balances
ISA 510 Issued November 2009; updated June 2018 International Standard on Auditing Initial Audit Engagements Opening Balances INTERNATIONAL STANDARD ON AUDITING 510 INITIAL AUDIT ENGAGEMENTS OPENING BALANCES
Agenda Item 4F PROPOSED STATEMENT ON STANDARDS FOR ACCOUNTING AND REVIEW SERVICES COMPILATION OF FINANCIAL STATEMENTS CONTENTS
ARSC Meeting May 10-12, 2011 Agenda Item 4F PROPOSED STATEMENT ON STANDARDS FOR ACCOUNTING AND REVIEW SERVICES COMPILATION OF FINANCIAL STATEMENTS CONTENTS Paragraph Requirements Emphasis-of-Matter Paragraphs
International Standard on Auditing (Ireland) 706 Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor s Report
International Standard on Auditing (Ireland) 706 Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor s Report MISSION To contribute to Ireland having a strong regulatory
INTERNATIONAL STANDARD ON AUDITING (NEW ZEALAND) 510
Issued 07/11 Compiled 10/15 INTERNATIONAL STANDARD ON AUDITING (NEW ZEALAND) 510 Initial Audit Engagements Opening Balances (ISA (NZ) 510) This compilation was prepared in October 2015 and incorporates
Comparative Information- Corresponding Figures and Comparative Financial Statements
ISA 710 (Redrafted) Issued March 2009 International Standard on Auditing Comparative Information- Corresponding Figures and Comparative Financial Statements The Malaysian Institute of Certified Public
Initial Audit Engagements Opening Balances
HKSA 510 Issued September 2009; revised July 2010, June 2014, August 2015, June 2017 Effective for audits of financial statements for periods beginning on or after 15 December 2009 Hong Kong Standard on
TOPIC 50: AUDIT REPORTING. AUDIT REPORTING (ISA 700 Forming an Opinion and Reporting on Financial Statements)
TOPIC 50: AUDIT REPORTING AUDIT REPORTING (ISA 700 Forming an Opinion and Reporting on Financial Statements) A company s auditors must report their opinions to the shareholders/members on two primary matters:
Final Balloted Draft
Final Balloted Draft Statement on Auditing Standards Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA The Auditing Standards Board (ASB) has voted to
INTERNATIONAL STANDARD ON AUDITING (NEW ZEALAND) 706 (REVISED)
INTERNATIONAL STANDARD ON AUDITING (NEW ZEALAND) 706 (REVISED) Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor s Report ISA (NZ) 706 (Revised) This Standard was issued
SRI LANKA AUDITING STANDARD 510 INITIAL AUDIT ENGAGEMENTS OPENING BALANCES CONTENTS
SRI LANKA AUDITING STANDARD 510 INITIAL AUDIT ENGAGEMENTS OPENING BALANCES (Effective for audits of financial statements for periods beginning on or after 01 January 2014) CONTENTS Paragraph Introduction
Special Considerations Audits of Single Financial Statements and Specific Elements, Accounts, or Items of a Financial Statement
Special Considerations Audits of Single Financial Statements 965 AU-C Section 805 Special Considerations Audits of Single Financial Statements and Specific Elements, Accounts, or Items of a Financial Statement
Appendix Illustrative Auditor s Reports Under Government Auditing Standards
NOTE: The illustrative reports included here represent a sampling of the report examples included in chapter 4 of the AICPA's Audit Guide, Government Auditing Standards and Single Audits (GAS-SA Guide).
Appendix Illustrative Auditor's Reports Under Government Auditing Standards
NOTE: The illustrative reports included here represent a sampling of the report examples included in chapter 4 of the AICPA's Audit Guide, Government Auditing Standards and Single Audits (GAS-SA Guide).
International Standard on Auditing (UK) 710
Standard Audit and Assurance Financial Reporting Council June 2016 International Standard on Auditing (UK) 710 Comparative Information Corresponding Figures and Comparative Financial Statements The FRC
Forming an Opinion and Reporting on Financial Statements
Forming an Opinion and Reporting on Financial Statements 781 AU-C Section 700 Forming an Opinion and Reporting on Financial Statements Source: SAS No. 122; SAS No. 131. See section 9700 for interpretations
Initial Engagements Opening Balances
Issued December 2007 International Standard on Auditing Initial Engagements Opening Balances The Malaysian Institute Of Certified Public Accountants (Institut Akauntan Awam Bertauliah Malaysia) INTERNATIONAL
Initial Audit Engagements Opening Balances
SINGAPORE STANDARD ON AUDITING SSA 510 Initial Audit Engagements Opening Balances This SSA 510 supersedes the SSA 510 Initial Audit Engagements Opening Balances in January 2010. Auditors are required to
Clarified Auditing Standards Custom Designed BLI Seminar for NABA Convention
Clarified Auditing Standards Custom Designed BLI Seminar for NABA Convention Presented by Jennifer Elder CPA, CMA, CIA, CFF Business Learning Institute Partner Presented to NABA Convention Nashville, TN
Accounting 408 Exam 1, Chapters 1, 2, 12, A, B, D Fall 2016 Section Row
1 Accounting 408 Name Exam 1, Chapters 1, 2, 12, A, B, D Fall 2016 Section Row I. Multiple Choice Questions. (2 points each, 100 points total) Read each questions carefully and indicate the one best answer
INTERNATIONAL STANDARD ON AUDITING 510 INITIAL ENGAGEMENTS OPENING BALANCES CONTENTS
INTERNATIONAL STANDARD ON AUDITING 510 INITIAL ENGAGEMENTS OPENING BALANCES (Effective for audits of financial statements for periods beginning on or after December 15, 2004) CONTENTS Paragraph Introduction...
Reporting on Internal Control in an Integrated Audit
1 Reporting on Internal Control in an Integrated Audit I. Internal Control This section presents the AICPA's attestation standards related to reporting on internal control over financial reporting in an
INTERNATIONAL STANDARD ON AUDITING (NEW ZEALAND) 510
Issued 07/11 Compiled 0711/13 INTERNATIONAL STANDARD ON AUDITING (NEW ZEALAND) 510 Initial Audit Engagements Opening Balances (ISA (NZ) 510) This compilation was prepared in JulyNovember 2013 and incorporates
Initial Audit Engagements Opening Balances
International Auditing and Assurance Standards Board ISA 510 April 2009 International Standard on Auditing Initial Audit Engagements Opening Balances International Auditing and Assurance Standards Board
International Standard on Auditing (UK) 706 (Revised June 2016)
Standard Audit and Assurance Financial Reporting Council June 2016 International Standard on Auditing (UK) 706 (Revised June 2016) Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent
Audit & Assurance Alert
Audit & Assurance Alert CANADIAN AUDITING STANDARDS (CAS) JUNE 2017 CAS 720 The Auditor s Responsibilities Relating to Other Information This Audit & Assurance Alert is being issued to raise awareness
INTERNATIONAL STANDARD ON AUDITING (UK AND IRELAND) 710 COMPARATIVE INFORMATION CORRESPONDING FIGURES AND COMPARATIVE FINANCIAL STATEMENTS
INTERNATIONAL STANDARD ON AUDITING (UK AND IRELAND) 710 COMPARATIVE INFORMATION CORRESPONDING FIGURES AND COMPARATIVE FINANCIAL STATEMENTS Introduction (Effective for audits of financial statements for
Webinar: New Auditor s Report Overview of Changes Effective in 2017
Webinar: New Auditor s Report Overview of Changes Effective in 2017 Disclaimer The views expressed by each of the presenters are their own personal views and not necessarily those of the PCAOB, members
SRI LANKA AUDITING STANDARD 706 EMPHASIS OF MATTER PARAGRAPHS AND OTHER MATTER PARAGRAPHS IN THE INDEPENDENT AUDITOR S REPORT CONTENTS
SRI LANKA AUDITING STANDARD 706 EMPHASIS OF MATTER PARAGRAPHS AND OTHER MATTER PARAGRAPHS IN THE INDEPENDENT AUDITOR S REPORT (Effective for audits of financial statements for periods beginning on or after
This Standard has been issued as a result of International Standard on Auditing 705 being revised.
INTERNATIONAL STANDARD ON AUDITING (NEW ZEALAND) 705 (REVISED) Modifications to the Opinion in the Independent Auditor s Report (ISA (NZ) 705 (Revised)) This Standard was issued on 1 October 2015 by the
Accounting 408 Exam 1, Chapters 1, 2, 12, A, B, D Fall 2017
Accounting 408 Exam 1, Chapters 1, 2, 12, A, B, D Fall 2017 Name Row I. Multiple Choice Questions. (2 points each, 100 points total) Read each question carefully and indicate the one best answer to each
SRI LANKA AUDITING STANDARD 705 MODIFICATIONS TO THE OPINION IN THE INDEPENDENT AUDITOR S REPORT CONTENTS
SRI LANKA AUDITING STANDARD 705 MODIFICATIONS TO THE OPINION IN THE INDEPENDENT AUDITOR S REPORT (Effective for audits of financial statements for periods beginning on or after 01 January 2014) CONTENTS
ISA 705, Modifications to the Opinion in the Independent Auditor s Report
International Auditing and Assurance Standards Board ISA 705 (Revised and Redrafted) October 2008 Revised and Redrafted International Standard on Auditing ISA 705, Modifications to the Opinion in the Independent
INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS OF KENYA. Credibility. Professionalism. AccountAbility
INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS OF KENYA Credibility. Professionalism. AccountAbility Auditor s Report FCPA FCPA John Kabiru Kabiru EXTERNAL AUDITORS, REGULATORS, AND OTHER EXTERNAL BODIES External
Standard on Auditing (SA) 706 (Revised), Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor s Report
Standard on Auditing (SA) 706 (Revised), Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor s Report Contents Introduction Paragraph(s) Scope of this SA... 1 4 Effective
Compilation of Financial Statements
Compilation of Financial Statements 2521 AR Section 80 Compilation of Financial Statements Issue date, unless otherwise indicated: December 2009 See section 9080 for interpretations of this section. Source:
The Independent Auditor s Report on a Complete Set of General Purpose Financial Statements
International Auditing and ISA 700 (Revised) December 2004 Assurance Standards Board International Standards on Auditing (ISA) 700 (Revised) The Independent Auditor s Report on a Complete Set of General
Auditing Standards and Practices Council
Auditing Standards and Practices Council Philippine Standard on Auditing 710 COMPARATIVES PHILIPPINE STANDARD ON AUDITING 710 COMPARATIVES CONTENTS Paragraphs Introduction 1-5 Corresponding Figures 6-19
Audit & Assurance Alert
Audit & Assurance Alert CANADIAN AUDITING STANDARDS (CAS) DECEMBER 2017 Reports for Audits Conducted in Accordance with Both Canadian Auditing Standards and the Standards of the Public Company Accounting
Audit Reporting Standards (SAs)
Audit Reporting Standards (SAs) Seminar on Practical Aspects relating to Standards on Auditing (SAs) at WIRC of Institute of Chartered Accountants of India Seminar on 7 th January, 2017 CA Bipeen G. Mundade
Auditing Operations and Completing the Audit. Chapter 16. Substantive Tests for Selling, General and Administrative Expenses.
Auditing Operations & Completing the Audit CHAPTER 16 Auditor s Reports CHAPTER 17 Auditing Operations and Completing the Audit Chapter 16 CHAPTERS ChapterS 16&17-1 Relationships Between Balance Sheet
INTERNATIONAL STANDARD ON AUDITING (NEW ZEALAND) 805 (REVISED)
INTERNATIONAL STANDARD ON AUDITING (NEW ZEALAND) 805 (REVISED) Special Considerations Audits of Single Financial Statements and Specific Elements, Accounts or Items of a Financial Statement (ISA (NZ) 805
Agenda Item 2A4 Comparison of PCAOB AS17, Supplementary Information, to the Requirements of GAAS
ASB Meeting May 15-18, 2017 Agenda Item 2A4 Comparison of PCAOB AS17, Supplementary Information, to the Requirements of GAAS Introduction 1. This standard sets forth the auditor's responsibilities when
STUDY SESSION 6 FINANCIAL REPORTING AND ANALYSIS: AN INTRODUCTION Reading 21: Financial Statement Analysis: An Introduction
Coverage STUDY SESSION 6 FINANCIAL REPORTING AND ANALYSIS: AN INTRODUCTION Reading 21: Financial Statement Analysis: An Introduction The candidate should be able to: a. Describe the roles of financial
LIST OF SUBSTANTIVE CHANGES AND ADDITIONS. PPC s Guide to Auditor s Reports. Thirty-seventh Edition (August 2018)
Route To: Partners Managers Staff File LIST OF SUBSTANTIVE CHANGES AND ADDITIONS PPC s Guide to Auditor s Reports Thirty-seventh Edition (August 2018) Highlights of this Edition The following are some
(Effective for audits of financial statements for periods [beginning/ending on or after December 15, 2009date]) CONTENTS [MARKED FROM EXTANT ISA 706]
![(Effective for audits of financial statements for periods [beginning/ending on or after December 15, 2009date]) CONTENTS [MARKED FROM EXTANT ISA 706]](/thumbs/80/81038580.jpg "(Effective for audits of financial statements for periods [beginning/ending on or after December 15, 2009date]) CONTENTS [MARKED FROM EXTANT ISA 706]")
PROPOSED INTERNATIONAL STANDARD ON AUDITING 706 (REVISED) EMPHASIS OF MATTER PARAGRAPHS AND OTHER MATTER PARAGRAPHS IN THE (Effective for audits of financial statements for periods [beginning/ending on
PHILIPPINE STANDARD ON AUDITING 705 (REVISED) MODIFICATIONS TO THE OPINION IN THE INDEPENDENT AUDITOR S REPORT
PHILIPPINE STANDARD ON AUDITING 705 (REVISED) MODIFICATIONS TO THE OPINION IN THE INDEPENDENT AUDITOR S REPORT (Effective for audits of financial statements for periods ending on or after December 15,
Appendix Illustrative Auditor's Reports Under Government Auditing Standards
NOTE: The illustrative reports included here represent a sampling of the report examples included in chapter 4 of the AICPA's Audit Guide, Government Auditing Standards and Single Audits (GAS-SA Guide).
Appendix A Illustrative Auditor s Reports
Audit Reporting 711 16.103 Appendix A Illustrative Auditor s Reports A-1 This appendix illustrates auditor's reports in specific situations discussed in this chapter. Auditors should modify the illustrative
Auditing of Governmental and Not-for-Profit Organizations
Chapter 12 Auditing of Governmental and Not-for-Profit Organizations McGraw-Hill/Irwin Copyright 2010 by The McGraw-Hill Companies, Inc. All rights reserved. Learning Objectives After studying Chapter
STATEMENT OF AUDITING STANDARDS 450 OPENING BALANCES AND COMPARATIVES
SAS SAS 450 450 (January (June 01) 05) STATEMENT OF AUDITING STANDARDS 450 OPENING BALANCES AND COMPARATIVES (Effective for audits of financial statements for periods beginning before 15 December 2004)
Appendix A Illustrative Auditor's Reports
NOTE: The illustrative reports included here represent a sampling of the report examples included in chapter 15 of the AICPA's Audit and Accounting Guide, State and Local Governments (SLG Guide). Purchase
Disposition of AU sections 508 and 9508
AU Sections 508 and 9508 Mapping Document This mapping document demonstrates how the material in extant AU section 508, Reports on Audited Financial Statements (AICPA, Professional Standards, vol. 1),
INTERNATIONAL STANDARD ON AUDITING (UK AND IRELAND) 510 INITIAL AUDIT ENGAGEMENTS OPENING BALANCES
INTERNATIONAL STANDARD ON AUDITING (UK AND IRELAND) 510 INITIAL AUDIT ENGAGEMENTS OPENING BALANCES (Effective for audits of financial statements for periods ending on or after 15 December 2010) CONTENTS
International Standard on Auditing (Ireland) 705 Modifications to the Opinion in the Independent Auditor s Report
International Standard on Auditing (Ireland) 705 Modifications to the Opinion in the Independent Auditor s Report MISSION To contribute to Ireland having a strong regulatory environment in which to do
Accounting 408 Exam 1, Chapters 1, 2, 12, A, B, D
1 Accounting 408 Exam 1, Chapters 1, 2, 12, A, B, D Spring 2017 Name Row I. Multiple Choice Questions. (2 points each, 100 points total) Read each question carefully and indicate the one best answer to
Revised format of Audit Reports SA 700, 705 & 706
Revised format of Audit Reports SA 700, 705 & 706 Disclaimers 2 These are my personal views and cannot be construed to be the views of WIRC or M P Chitale & Co. No representations or warranties are made
Opening Balances Initial Audit Engagements, Including Reaudit Engagements
Opening Balances Initial Audit Engagements 479 AU-C Section 510 Opening Balances Initial Audit Engagements, Including Reaudit Engagements Source: SAS No. 122. Effective for audits of financial statements
Review of Financial Statements
Review of Financial Statements 2565 AR Section 90 Review of Financial Statements Issue date, unless otherwise indicated: December 2009 See section 9090 for interpretations of this section. Source: SSARS
SRI LANKA AUDITING STANDARD 510 INITIAL ENGAGEMENTS OPENING BALANCES CONTENTS
SRI LANKA AUDITING STANDARD 510 INITIAL ENGAGEMENTS OPENING BALANCES (Effective for all the audits carried out on or after.) CONTENTS Paragraph Introduction 1-3 Audit Procedures 4-10 Audit Conclusions
PHILIPPINE STANDARD ON AUDITING 805
PHILIPPINE STANDARD ON AUDITING 805 SPECIAL CONSIDERATIONS AUDITS OF SINGLE FINANCIAL STATEMENTS AND SPECIFIC ELEMENTS, ACCOUNTS OR ITEMS OF A FINANCIAL STATEMENT Introduction (Effective for audits for
Miles CPA Review: AUD Updates
Miles CPA Review: AUD - 2017 Updates Summary of updates: - New version CPA exam structure (w.e.f. April 2017) - AUD-1.3: PCAOB [reorganized PCAOB AS] - AUD-3.4: I/C Reports and Communications [SAS 130
AU-C Section 9700 Forming an Opinion and Reporting on Financial Statements: Auditing Interpretations of AU-C Section 700
AU-C Section 9700 Forming an Opinion and Reporting on Financial Statements: Auditing Interpretations of AU-C Section 700 Introduction On June 1, 2017, the PCAOB adopted Auditing Standard (AS) 3101, The
Mark-up Copy (showing changes from September 2004)
IAASB Main Agenda (December 2004) Page 2004 2299 Agenda Item 8-B International Auditing and Assurance Standards Board Mark-up Copy (showing changes from September 2004) Proposed Final Pronouncements on
Initial Engagements. Opening Balances. HKSA 510 Issued June 2005
Issued June 2005 Effective for audits of financial statements for periods beginning on or after 15 December 2004 Hong Kong Standard on Auditing 510 Initial Engagements Opening Balances HONG KONG STANDARD
International Standard on Auditing (ISA )
Final Pronouncement January 2016 International Standard on Auditing (ISA ) ISA 805 (Revised), Special Considerations Audits of Single Financial Statements and Specific Elements, Accounts or Items of a
Modifications to the Opinion in the Independent Auditor s Report
SINGAPORE STANDARD ON AUDITING SSA 705 (Revised) Modifications to the Opinion in the Independent Auditor s Report SSA 705 was issued in January 2010. The Companies (Amendment) Act 2014 gave rise to conforming
Chapter 05. Audit Evidence and Documentation. McGraw-Hill/Irwin. Copyright 2012 by The McGraw-Hill Companies, Inc. All rights reserved.
Chapter 05 Audit Evidence and Documentation McGraw-Hill/Irwin Copyright 2012 by The McGraw-Hill Companies, Inc. All rights reserved. Audit Risk The possibility that the auditors may unknowingly fail to
SPECIAL CONSIDERATIONS - AUDITS OF SINGLE FINANCIAL STATEMENTS AND SPECIFIC ELEMENTS, ACCOUNTS OR ITEMS OF A FINANCIAL STATEMENT
SRI LANKA STANDARD 805 SPECIAL CONSIDERATIONS - AUDITS OF SINGLE FINANCIAL STATEMENTS AND SPECIFIC ELEMENTS, ACCOUNTS OR ITEMS OF A FINANCIAL STATEMENT (Effective for audits for periods beginning on or
Interim Financial Information
Interim Financial Information 1149 AU-C Section 930 Interim Financial Information Source: SAS No. 122. Effective for reviews of interim financial information for interim periods of fiscal years beginning
International Standard on Auditing (Ireland) 805 Special Considerations Audits of Single Financial Statements and Specific Elements, Accounts or
International Standard on Auditing (Ireland) 805 Special Considerations Audits of Single Financial Statements and Specific Elements, Accounts or Items of a Financial Statement MISSION To contribute to
PROPOSED INTERNATIONAL STANDARD ON AUDITING 705 (REVISED) MODIFICATIONS TO THE OPINION IN THE INDEPENDENT AUDITOR S REPORT
Agenda Item 4-C PROPOSED INTERNATIONAL STANDARD ON AUDITING 705 (REVISED) MODIFICATIONS TO THE OPINION IN THE INDEPENDENT AUDITOR S REPORT (Effective for audits of financial statements for periods [beginning/ending
Illustration 12.4 Qualified Independent Auditor's Report Due to the Inability to Obtain Sufficient and Appropriate Audit Evidence
Extract from: Prinziples of Auditing (Rick Hayes et. al. third edition, 2014), page 470 ff. Illustration 12.4 Qualified Due to the Inability to Obtain Sufficient and Appropriate Audit Evidence We have
ISA 805, Special Considerations Audits of Single Financial Statements and Specific Elements, Accounts or Items of a Financial Statement
International Auditing and Assurance Standards Board ISA 805 (Revised and Redrafted) March 2009 Revised and Redrafted International Standard on Auditing ISA 805, Special Considerations Audits of Single
Auditor Reporting Requirements and Other Communication Considerations of Government Auditing Standards
Auditor Reporting Requirements and Other Communication Considerations of Government Auditing Standards NOTE: The reports contained in this document are from the AICPA Audit Guide, Government Auditing Standards
Reporting Implications of the Canadian Standard on Review Engagements (CSRE 2400)
Reporting Implications of the Canadian Standard on Review Engagements (CSRE 2400) CANADIAN STANDARD ON REVIEW ENGAGEMENTS Reporting Implications of the Canadian Standard on Review Engagements (CSRE 2400)
ISA 510, Initial Audit Engagements Opening Balances
International Auditing and Assurance Standards Board Exposure Draft July 2007 Comments are requested by October 31, 2007 Proposed Redrafted International Standard on Auditing ISA 510, Initial Audit Engagements
PCAOB ON REPORTING ON INTERNAL CONTROL IN AN INTEGRATED AUDIT (11/15 ~ STUDY TEXT)
JANUARY 2019 WILEY CPAEXCEL EXAM REVIEW: AUDITING AND ATTESTATION (Product Released October 16, 2018 for exam planners with exam sit dates after 12/10/18) 11/15 PCAOB on Reporting on Internal Control in
Modifications to the Opinion in the Independent Auditor s Report
Modifications to the Opinion in the Independent Auditor s Report 835 AU-C Section 705 Modifications to the Opinion in the Independent Auditor s Report Source: SAS No. 122; SAS No. 123. Effective for audits
IAASB Main Agenda (May 2006) Page Agenda Item PROPOSED CONFORMING AMENDMENTS
IAASB Main Agenda (May 2006) Page 2006 957 Agenda Item 7-E PROPOSED CONFORMING AMENDMENTS [Note: Only further changes to the conforming amendments previously exposed, or new conforming amendments, are
ISA 706 (Revised), Emphasis of Matter Paragraphs and Other Matter(s) Paragraphs in the Independent Auditor s Report
International Auditing and Assurance Standards Board Exposure Draft July 2007 Comments are requested by November 30, 2007 Proposed Revised and Redrafted International Standard on Auditing ISA 706 (Revised),
NEW AND REVISED AUDITOR REPORTING
NEW AND REVISED AUDITOR REPORTING INTRODUCTION The IRBA Board adopts the IAASB's new and revised Auditor Reporting Standards and related conforming amendments. The changes to the auditor s report was primarily