Clarified Auditing Standards Custom Designed BLI Seminar for NABA Convention
|
|
- Eleanor Norman
- 6 years ago
- Views:
Transcription
1 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 June 6,
2 INSTRUCTOR BIOGRAPHY Jennifer Elder Jennifer Elder is a CPA, CMA, CIA, CFF, with a master s in Organizational Leadership. She has worked in accounting and finance for the past 25 years in a variety of industries including manufacturing, residential construction and development, and angel investing. She spent five years in public accounting, seven years as the Accounting Department Chair of a community college, and the previous ten years in the role of CFO. Recently, Jennifer started her own business, The Sustainable CFO, providing business consulting, on-demand CFO services, and business coaching services. The company s target market is small and medium-sized businesses looking to improve their bottom-line and overall performance. In addition to running her own company, Jennifer teaches finance in the Green MBA program at Antioch University New England. She is also a contributing writer for the National Association of Home Builders and TriplePundit, and a frequent presenter for the Maryland Association of CPA's, the Institute of Management Accountants, and the Society for Human Resource Management. Copyright 2012 Business Learning Institute, Inc.
3 OTHER COURSES BY THIS INSTRUCTOR Applying Ethics in the Real World Awesome Financial Presentations Better Forecasting Using Backcasting Ethics: It's Not Just What You Do, but How You Do It! Financial Statements Analysis Fraud: Detection and Prevention Lions, and Tigers, and Numbers Oh My! FInance for the Non-FinancialManager Personality Styles in the Workplace Planning and Implementing the Balanced Scorecard Preparing a Winning Business Plan Risk Management - Disaster Recovery Planning Smarter Decision-Making Strategic Skills for Finance Successful Project Approval Using a Business Case Sustainability Reporting Sustainability: Using the "Triple Bottom Line" to Increase Your Success The Eight Hour MBA Pam Devine Customized Learning Manager , ext. 321 pam@bizlearning.net
4 Clarified Auditing Standards N 2 A 0 B 1 A 3 Jennifer H. Elder CPA, CMA, CIA, CFF, CGMA, MS Overview of the ASB Clarity Project Address concerns over the clarity, use of terms, and the length and complexity of auditing standards Make standards easier to read, understand, and implement Improve audit quality with consistent application of auditing standards 1
5 Overview of the ASB Clarity Project First complete redraft of GAAS since 1972 Covers all original AU standards Types of changes include: Primarily Formatting Primarily Clarifying Substantive Primary Impact of Clarity Project To establish objectives of each of the standards that provide a conceptual framework for the Application of professional judgment and Obligation related to the objective Make SASs easier to read and understand by restructuring format 2
6 Clarity Project Status Effective Dates: SAS Nos already effective SAS Nos effective for periods ending on or after December 15, 2012 Temporarily designated AU-C through 2014 Clarity Project almost complete, the final issue, Use of Internal Auditors, is in ED Clarity Formatting Provisions Begins with Introduction of Standard Establish objectives for each standard Separates requirements from applications Use formatting techniques, such as bulleted lists Include special considerations for small, less complex, and government audits 3
7 Clarity Formatting Provisions New format includes: Scope Objectives Definitions Requirements Application Appendices/Exhibits Standards That Did Not Change AU 110, Responsibilities and Functions of the Independent Auditor (new AU-C 200) AU 120, Defining Professional Requirements in Statements on Auditing Standards (new AU-C 200) AU 150, Generally Accepted Auditing Standards (new AU-C 200) 4
8 Standards That Did Not Change AU 201, Nature of the General Standards (new AU-C 200) AU 210, Training and Proficiency of the Independent Auditor (new AU-C 200) AU 220, Independence (new AU-C 200) AU 230, Due Professional Care in the Performance of Work (new AU-C 200) Standards That Did Not Change AU 312, Audit Risk and Materiality in Conducting an Audit (new AU-C 320 and AU-C 450) AU 314, Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement (new AU-C 315) 5
9 Standards That Did Not Change AU 316, Consideration of Fraud in a Financial Statement Audit (new AU-C 240) AU 318, Performing Audit Procedures in Response to Assessed Risks and Evaluating the Audit Evidence Obtained (new AU-C 330) AU 326, Audit Evidence (new AU-C 500) Standards That Did Not Change AU 328, Auditing Fair Value Measurements and Disclosures (new AU-C 540) AU 329, Analytical Procedures (new AU-C 520) AU 333, Management Representations (new AU-C 580) AU 339, Audit Documentation (new AU-C 230) 6
10 Standards That Did Not Change AU 341, The Auditor s Consideration of an Entity s Ability to Continue as a Going Concern (new AU-C 570) AU 342, Auditing Accounting Estimates (new AU-C 540) AU 350, Audit Sampling (new AU-C 530) Standards That Did Not Change AU 380, The Auditor s Communication With Those Charged With Governance (new AU-C 260) AU 390, Consideration of Omitted Procedures After the Report Date (new AU-C 585) AU 431, Adequacy of Disclosure (new AU-C 705) 7
11 Standards That Did Not Change AU 550, Other Information in Documents Containing Audited Financial Statements (new AU-C 720) AU 551, Supplementary Information in Relation to the Financial Statements as a Whole (new AU-C 725) AU 558, Required Supplementary Information (new AU-C 730) Standards That Did Not Change AU 560, Subsequent Events (new AU-C 560) AU 561, Subsequent Discovery of Facts Existing at the Date of the Auditor s Report (new AU-C 560) AU 625, Reports on the Application of Accounting Principles (new AU-C 915) 8
12 Standards That Did Not Change AU 634, Letters for Underwriters and Certain Other Requesting Parties (new AU-C 920) AU 711, Filings Under Federal Securities Statutes (new AU-C 925) AU 722, Interim Financial Information (new AU-C 930) AU 801, Compliance Audits (new AU-C 935) Effect on Current Practice Primary requirements of an audit stayed the same Standards were organized Some current practices were formalized New terminology New auditor s report New procedures for opening balances New requirements related to illegal acts 9
13 SASs That Did NOT Change Analytical Procedures AU 329 Written Representation AU 333 Audit Documentation AU 339 Auditing Estimates AU 342 Audit Sampling AU 350 Omitted Procedures AU 390 SASs That Did NOT Change Modification of Opinion AU 550 Supplementary Information AU 551, 558 Subsequent Events AU 560 Reports on Compliance with Contractual Agreements AU 623 Reports on Application of Reporting Framework AU
14 Scope of Changes Two objectives of an audit a) to obtain reasonable assurance about whether the financial statements are free from material misstatement, whether due to fraud or error, enabling the auditor to express an opinion on whether the financial statements are prepared in accordance with an applicable financial reporting framework and Scope of Changes Objectives of an audit b) to report on the financial statements in accordance with the auditor s findings 11
15 Scope of Changes New Terminology: Applicable financial reporting framework Special purpose framework Emphasis-of-matter and Other-matter paragraphs Group Engagement Partner and Component Auditors Scope of Changes Format for standard auditor s report New requirements: Opening balances Illegal acts External confirmations 12
16 Effective Date Fiscal years ending after 12/15/2012 Helpful Information and Resources Numerous resources Mapping of new to old standards Summary of Differences Between Clarified SASs and Existing SASs 13
17 Helpful Information and Resources AICPA Accounting and Auditing Technical Hotline (877) Terminology 14
18 Applicable Financial Reporting Framework Management is responsible for selecting framework Auditor responsible for evaluating acceptability of that framework Auditor should document management s understanding of that responsibility in engagement letter Special Purpose Framework No more OCBOA Five types: 1. Cash Basis 2. Tax Basis 3. Contractual basis 4. Regulatory basis 5. Other Basis of accounting (logical set of criteria) 15
19 Special Purpose Framework obtain an understanding of the purpose, intended users, and steps taken by management to determine that the special purpose framework is acceptable obtain management s acknowledgement of its responsibility to include all informative and additional disclosures beyond those required by the reporting framework necessary to achieve fair presentation Special Purpose Framework include an emphasis-of-matter paragraph that, states that the special purpose framework is a basis of accounting other than GAAP 16
20 Emphasis-of-Matter and Other-Matter Paragraphs No more explanatory paragraphs Intended to draw user s attention to a particular matter May be required by SASs or at discretion of auditor Emphasis-of-Matter Paragraph 34 Only refer to matters appropriately disclosed in the financial statements Litigation uncertainty Major catastrophe Going concern Important subsequent events 17
21 Emphasis-of-Matter Paragraph 35 Format Include immediately after Auditor s opinion Paragraph Heading Describe matter and location of disclosures Indicate opinion is not modified Other-Matter Paragraph 36 For matters not presented or disclosed in the financial statements but is relevant to user s understanding of audit, auditor s responsibilities, or auditor s report Auditor s additional responsibilities due to law, regulation, or other generally accepted practice 18
22 Other-Matter Paragraph 37 Format Include immediately after Auditor s opinion paragraph and any emphasis-of-matter paragraph Heading Indicate matter is not required to be presented or disclosed May not use to include information that is the responsibility of management Emphasis-of-Matter and Other-Matter Paragraphs Emphasis of Matter Going concern Contractual or regulatory reporting frameworks Consistency Other Matter Audit reports of prior periods presented Materially inconsistent other information RSI General use regulatory F/S 19
23 Group and Component Auditors Principal auditor replaced with group engagement partner or team Other auditor replaced with component auditor New Audit Report 20
24 Applicable Standards AU-C 700, Forming an Opinion and Reporting on Financial Statements AU-C 705, Modifications to the Opinion in the Independent Auditor s Report Audit Opinions Unmodified Financial statements are presented fairly, in all material respects, in accordance with the applicable reporting framework Modified Financial statements are materially misstated Auditor is unable to obtain sufficient evidence 21
25 Format of the Report Title Addressee Introductory Paragraph Identify the entity being audited State the financial statements have been audited Identify title of each financial statement Specify date or period covered by each financial statement Format of the Report Management s Responsibility Paragraph Heading Management is responsible for the preparation and fair presentation of the financial statements Management s responsibility includes the design, implementation, and maintenance of internal controls relevant to financial reporting 22
26 Format of the Report Auditor s Responsibility Paragraph Heading Auditor is responsible for expressing opinion Audit was conducted in accordance with auditing standards generally accepted in US Plan and perform the audit to obtain reasonable assurance whether the financial statements are free from material error Format of the Report Auditor s Responsibility Paragraph (cont.) Audit involves procedures to obtain evidence about amounts and disclosures Procedures selected depend on auditor s judgment Auditor considers internal controls Auditor does not express an opinion on internal controls 23
27 Format of the Report Auditor s Opinion Paragraph Heading For unmodified: Financial statements present fairly, in all material respects in accordance with applicable reporting framework Signature of auditor Auditor s address Date of report Comparative Financial Statements Auditor s report should refer to each period presented Continuing auditor should update the report on the financial statements of the prior periods presented Date no earlier than date sufficient audit evidence was obtained 24
28 Prior Period Financials & Predecessor Auditor If predecessor auditor is unwilling to reissue the auditor s report on prior period Current auditor may include an other-matter paragraph including Financials were audited by predecessor Type of opinion expressed by predecessor If modified, include reason for modification If any, describe emphasis-of-matter or other matter paragraph in previous report Modifications to Opinion Decision to modify based on: Nature of matter Whether financials are materially misstated Whether auditor was able to obtain sufficient audit evidence Auditor s professional judgment regarding pervasiveness of the effects 25
29 Types Modifications 51 Modifications to Opinion Qualified Opinion Misstatements are material but not pervasive Unable to obtain sufficient evidence, could be material but not pervasive Disclaimer Unable to obtain sufficient evidence but is pervasive Adverse Material and pervasive 26
30 Format of Modified Opinion Include paragraph immediately before Auditor s Opinion Paragraph Heading Description of misstatement and quantification of effects if practicable Description of omitted disclosures if any Reasons for inability to collect sufficient evidence Format of Modified Opinion Heading for Opinion Paragraph changes to: Qualified Opinion Disclaimer of Opinion Adverse Opinion Possible changes to Auditor s Responsibility Paragraph 27
31 New Requirements Opening Balances Auditor must obtain sufficient evidence that: Opening balances do not contain misstatements that materially affect the current period Accounting policies have been consistently applied, or changes in accounting principles have been properly accounted for and disclosed 28
32 Opening Balances Reviewing predecessor auditor s documentation cannot be only procedure to obtain sufficient evidence regarding opening balances External Confirmations When management refuses to allow confirmation requests: If refusal is unreasonable, must communicate with those charged with governance Oral response to confirmation is not sufficient 29
33 Illegal Acts Auditors now required to inspect correspondence with licensing and regulatory authorities as part of every audit Other Major Changes Audits of Group Financial Statements Going Concern Issue 30
34 Audits of Group Financial Statements Group Engagement Partner/Team Determines whether to act as the auditor of group financial statements, and if so Establish overall audit strategy Obtain sufficient audit evidence regarding the financial information of the components in order to express an opinion on the group financial statements 31
35 Group Engagement Partner/Team Communicates with component auditors Evaluates evidence as basis for forming opinion Must assess whether sufficient appropriate evidence obtained to provide basis for opinion on group financial statements Decide whether to make reference to the audit of the component auditor in the report Changes in Terms Component An entity or business activity which is required to be included in the group financial statements Includes equity method investments Component materiality Materiality threshold for the component determined by the group engagement team for the purposes of the group audit 32
36 Changes in Terms Component auditor An auditor who performs work on the financial information of a component that will be used as audit evidence for the group audit May be a part of the group engagement partner s firm, a network firm of the group engagement partner s firm, or another firm New Terms Group All components whose financial information is included in the group financial statements Group engagement partner Person responsible for the group audit engagement and for the auditor s report on the group financial statements May be joint auditors who collectively constitute the group engagement partner 33
37 New Terms Group engagement team Partners and staff, including the group engagement partner Establish the overall group audit strategy Perform work on the consolidation process Evaluate conclusions drawn from audit evidence as basis for forming an opinion New Terms Group financial statements Financial Statements that include the financial information of more than one component Includes combined financial statements aggregating components under common control 34
38 New Terms Significant component Component identified by group engagement team that is of individual financial significance, or Due to its nature is likely to include significant risks of material misstatement to the group financial statements Engagement Acceptance or Continuance Determination to accept depends on belief of group engagement partner that sufficient audit evidence can be obtained Group engagement team must obtain understanding of Group Components Their environments 35
39 Engagement Acceptance or Continuance Belief in availability of sufficient audit evidence is dependent upon work of component auditor Decision whether or not to assume responsibility for component auditor s work is critical to acceptance or continuance Sufficient Evidence NOT Available If group engagement partner concludes that it is not possible to obtain sufficient appropriate audit evidence Not accept the new engagement Withdraw from continuing engagement Issue disclaimer of opinion if by law or regulation the auditor cannot withdraw 36
40 Group Engagement Team Must Evaluate Whether group engagement team and component auditor share common policies and procedures Consistency between group engagement team and component auditors regarding Applicable laws and regulations Professional oversight Quality Assurance Group Engagement Team Must Evaluate Independence of component auditor Component auditor s professional competence including knowledge, skills, and understanding of auditing standards Extent of involvement by group engagement team Whether component auditor operates in appropriate regulatory environment 37
41 Responsibility For Subsequent Events Group engagement team or component auditors are required to perform procedures related to subsequent events Group engagement team request should component auditor to notify group engagement team of circumstances requiring adjustment or disclosure Communications With Component Auditor Specific communications required in all group audits Group engagement team to component auditor Component auditor to group engagement team Additional communications required when assuming responsibility Group engagement team required to evaluate component auditor s communication 38
42 Communications With Component Auditors Group engagement team should confirm Component auditor will cooperate with group team Ethical requirements related to the group audit List of related parties Identify significant risks of material misstatement Component auditor will communicate matters relevant to group team s conclusions Communications With Component Auditors Group engagement team should evaluate Component auditors communications Discuss significant findings and issues Whether sufficient appropriate audit evidence has been obtained on Consolidation process Financial information of component Impact of uncorrected misstatements Instances of insufficient evidence 39
43 Decision to Assume Responsibility For Component Auditor Decision to assume responsibility or not lies with group engagement partner Factors affecting decision include Differences in applicable reporting framework Will component audit be completed in time Differences in audit standards applied by component auditor Impracticable for group engagement team to be involved in work of component auditor Auditor Assumes Responsibility For Component Auditor No reference made to component auditor in auditor s report on group financial statements 40
44 Auditor Does Not Assume Responsibility Auditor will reference the audit of the component auditor in the auditor s report on the group financial statements Effect on Auditor s Report When making reference to component auditor the auditor s report on group financial statements should clearly state Component was not audited by the auditor of the group financial statements Magnitude of the portion of financial statements audited by component auditor 41
45 Effect on Auditor s Report Auditor should get express permission from component auditor Component auditor s report should be presented with the auditor s report on the group financial statements If component auditor has modified their opinion, group engagement team needs to consider impact on their audit report Going Concern Issue 42
46 Going Concern Issue If the auditor believes there is substantial doubt about the entity s ability to continue as a going concern for a reasonable period of time (not to exceed one year) Going Concern Indicators Inability to meet obligations Default on debt Significant restructuring of debt Externally forced revisions to operations Negative trends Legal proceedings Loss of significant customer 43
47 Auditor s Responsibilities Evaluate and conclude whether there is substantial doubt Assess possible financial statement effects Determine implications for auditor s report Consider management s plans Obtain written representations Effect on Auditor s Report Emphasis-of-Matter Paragraph Without the words substantial doubt May issue Unmodified report with emphasis-of-matter Qualified report with emphasis-of-matter Disclaimer report without emphasis-of-matter 44
48 Key Points for Planning Familiarize yourself with changes Consider what new AU-Cs apply for each client Change in audit report impacts engagement letter and management letter JENNIFER H. ELDER CPA, CMA, CIA, CFF, CGMA THE SUSTAINABLE CFO EXECUTIVE COACHING & FINANCIAL TRAINING
49 WHAT IS BLI? BLI is the training affiliate of the MACPA. BLI s mission is to deliver competency-based courses, content and community that enhance learning and foster organizational and executive leadership. BLI has grown into the largest provider of on-site training in the country. Pam and the Customized Learning Solutions team have grown the business in three core segments Corporate, Firm and Government. THE BLI CURRICULA Today s business environment demands the need to gain competencies and share strategic knowledge. BLI delivers competency-based curriculum, courses, content, and community to enhance learning and grow intellectual capital for organizational and executive leadership. These soft skills are essentially people skills the non-technical, intangible, performance skills that determine your strengths as a leader, manager, and team member. STRATEGIC MANAGEMENT Strategic conversation reflects the dynamics between the organization and its environment. The closer the language reflects current and potential customer dynamics, the higher the company s profit potential. LEADERSHIP DEVELOPMENT Great leadership is one of the most valued of all human activities. Modern myth holds that leaders are born not made, but leadership is a set of observable and learnable practices - it is the process people use when they bring out the best in others and themselves. BUSINESS MANAGEMENT As the business world moves at an incredible pace, keeping up is a key to success. Today s financial managers must be able to translate strategy to operational and corporate growth. PERFORMANCE MEASUREMENT MANAGEMENT Executives and managers must effectively transform their firms or companies into high performance organizations and progressively identify and develop the appropriate core competencies and link them to their business strategies. COMMUNICATION SKILLS Many people in the business field cannot communicate effectively and, even more damaging, don t realize it. Success is not defined solely by a product line or service - it relies on relationships formed and maintained through skillful communications. Your competitors know this. Do you? TECHNICAL EXPERTISE Keeping up with technical competencies is a core business requirement for financial professionals. Staying attuned to the latest changes, updates, and regulations are necessary components to staying competitive in an ever-changing business environment. TECHNOLOGY AND COMPUTER SKILLS Harness the technology you use every day to make your business life easier and allow you to work smarter. Please note that many programs in this catalog are available in Webcast format. Contact a BLI Customized Learning consultant if you are interested in a Webcast
How to Guide Your Client through the Maze of Obama Care Custom Designed BLI Seminar for NABA Convention
How to Guide Your Client through the Maze of Obama Care Custom Designed BLI Seminar for NABA Convention Presented by Arthur J. Werner Business Learning Institute Partner Presented to NABA Convention Nashville,
More informationReview 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
More informationGleim 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
More information2017 Update on Audit and Attest Standards (SASs and SSAEs)
2017 Update on Audit and Attest Standards (SASs and SSAEs) Mike Glynn, CPA, CGMA mike.glynn@aicpa-cima.com Speaker Biography Michael P. (Mike) Glynn is a Senior Technical Manager in the AICPA Audit and
More information2015 Update on Standards for Audits, Reviews, Compilations and Engagements to Prepare Financial Statements
2015 Update on Standards for Audits, Reviews, Compilations and Engagements to Prepare Financial Statements Mike Glynn, CPA, CGMA mglynn@aicpa.org Session Objectives Discuss current issues with respect
More information2015 Update on Standards for Audits, Reviews, Compilations and Engagements to Prepare Financial Statements Mike Glynn, CPA, CGMA
2015 Update on Standards for Audits, Reviews, Compilations and Engagements to Prepare Financial Statements Mike Glynn, CPA, CGMA mglynn@aicpa.org Session Objectives Discuss current issues with respect
More informationSSARS No Update Part 2 Compilation and Review Standards
1 SSARS No. 21-23 Update Part 2 Compilation and Review Standards 7 Hours PDH Academy PO Box 449 Pewaukee, WI 53072 www.pdhacademy.com pdhacademy@gmail.com 888-564-9098 2 The purpose of this course is to
More informationFinal 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
More informationChapter 18. Reports on Audited Financial Statements
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.
More informationMiles 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
More informationClarified Auditing Standards and PCAOB Standards
Clarified ing Standards and PCAOB Standards 177 Appendix B Clarified ing Standards and PCAOB Standards The auditing content in this guide focuses primarily on generally accepted auditing standards issued
More information100 Background Information
Page 1 of 27 Checkpoint Contents Accounting, Audit & Corporate Finance Library Editorial Materials Accounting and Financial Statements (US GAAP) Cash, Tax, and Other Bases of Accounting Chapter 1 An Introduction
More information2013 REAL ESTATE ENTITIES OVERVIEW FOR KNOWLEDGE COACH USERS
2013 REAL ESTATE ETITIES OVERVIEW FOR KOWLEDGE COACH USERS PURPOSE This document is published for the purpose communicating, to users the toolset, updates and enhancements included in the current version.
More informationInterim 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
More informationAppendix 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).
More informationAudit, Review, Compilation, and Preparation of Financial Statements
Audit, Review, Compilation, and Preparation of Financial Statements DISCLAIMER: This publication has not been approved, disapproved or otherwise acted upon by any senior technical committees of, and does
More informationAppendix 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).
More informationUpdate on Standards for Audits, Reviews, and Compilations
Update on Standards for Audits, Reviews, and Compilations Mike Glynn, CPA Senior Technical Manager AICPA Audit and Attest Standards Team mglynn@aicpa.org 1 1 DISCLAIMER Views expressed by AICPA employees
More informationISA 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),
More informationAudit programs that can be easily tailored to address the risks associated with your individual audit engagements. 2
Page 1 of 67 Checkpoint Contents Accounting, Audit & Corporate Finance Library Editorial Materials Specialized Industries Audits of Financial Institutions Chapter 1 Introduction and Industry Overview 100
More informationSTANDING ADVISORY GROUP MEETING
1666 K Street, NW Washington, D.C. 20006 Telephone: (202) 207-9100 Facsimile: (202)862-8430 www.pcaobus.org STANDING ADVISORY GROUP MEETING POTENTIAL NEW CODIFICATION FRAMEWORK FOR PCAOB AUDITING STANDARDS
More informationAudit 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
More informationISA 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
More informationAppendix 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
More informationCompilation & Review Standards (Updated for SSARS 21)
Compilation & Review Standards (Updated for SSARS 21) Authored by: David W. Holt, CPA, CFE www.holtcpe.com david@holtcpe.com 830-486-5222 COMPILATION & REVIEW STANDARDS This seminar has the following learning
More informationInternational 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
More informationAuditing and Assurance Standards Council
Auditing and Assurance Standards Council Philippine Standard on Review Engagements 2410 REVIEW OF INTERIM FINANCIAL INFORMATION PERFORMED BY THE INDEPENDENT AUDITOR OF THE ENTITY Conforming Amendments
More informationCPA 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
More informationDisposition 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),
More informationProcesses, Controls and Audit [AA34] Supplementary for Chapter 08. Audit Reporting
[AA34] Supplementary for Chapter 08 Audit Reporting This supplementary to the Study Text will be tested from January 2019 Examination. The printed chapter in the book will not be applicable from January
More informationChapter 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
More informationAUD-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
More informationEmphasis-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
More informationPHILIPPINE 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,
More informationAppendix 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
More informationComparative 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
More informationAppendix 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).
More informationISA 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
More informationOpening 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
More informationNew Standards for Accounting and Review Services (SSARS 21) CPE Edition. Distributed by The CPE Store. Steven C. Fustolo, CPA
New Standards for Accounting and Review Services (SSARS 21) Steven C. Fustolo, CPA CPE Edition Distributed by The CPE Store www.cpestore.com 1-800-910-2755 New Standards for Accounting and Review Services
More informationAgenda Item 2A PROPOSED STATEMENT ON STANDARDS FOR ACCOUNTING AND REVIEW SERVICES REVIEW OF FINANCIAL STATEMENTS CONTENTS
ARSC Meeting August 21-23, 2012 Agenda Item 2A PROPOSED STATEMENT ON STANDARDS FOR ACCOUNTING AND REVIEW SERVICES REVIEW OF FINANCIAL STATEMENTS Introduction CONTENTS Prepared by: Mike Glynn (August 2012)
More informationSRI LANKA AUDITING STANDARD 700 THE AUDITOR S REPORT ON FINANCIAL STATEMENTS CONTENTS
SRI LANKA AUDITING STANDARD 700 THE AUDITOR S REPORT ON FINANCIAL STATEMENTS (Effective for all the audits carried out on or after..) CONTENTS Paragraph Introduction 1-4 Basic Elements of the Auditor s
More informationAppendix Illustrative Auditor s Reports for Program-Specific Audits
NOTE: The illustrative reports included here represent a sampling of the guidance included in chapter 14 of the AICPA's Audit Guide, Government Auditing Standards and Single Audits (GAS-SA Guide). Purchase
More informationSSARS 21 Implementation Strategies One Year Later
SSARS 21 Implementation Strategies One Year Later Kelly J. Hunter, CPA, Shareholder Fitts, Roberts & Co., P.C. kjh@fittsroberts.com DISCLAIMER Views expressed by AICPA employees and committee members are
More informationSRI 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
More informationISA 570 (Revised), Going Concern
ISA 570 (Revised) April 2015 International Standard on Auditing ISA 570 (Revised), Going Concern Explanatory Foreword INTERNATIONAL STANDARD ON AUDITING 570 (REVISED) Going Concern The Council of the Malaysian
More informationSTANDARD FOR AUDITS OF SMALL ENTITIES
STANDARD FOR AUDITS OF SMALL ENTITIES DRAFT JUNE 4 TH 2015 Contents Preface... 1 1 General Principles and Responsibilities... 2 1.1 Overall Objectives...2 1.2 Supervision and quality control...2 1.3 Performing
More informationLocal Government Financial Officials and their Independent Auditors
NORTH CAROLINA DEPARTMENT OF STATE TREASURER STATE AND LOCAL GOVERNMENT FINANCE DIVISION AND THE LOCAL GOVERNMENT COMMISSION JANET COWELL TREASURER T. VANCE HOLLOMAN DEPUTY TREASURER Memorandum # 2011-05
More informationInternational Standard on Auditing (UK) 705 (Revised June 2016)
Standard Audit and Assurance Financial Reporting Council June 2016 International Standard on Auditing (UK) 705 (Revised June 2016) Modifi cations to the Opinion in the Independent Auditor s Report The
More informationCompilation 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:
More informationModifications 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
More informationAccounting 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
More informationComparative 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
More informationAudit Report under HKSA 700 & August 2008
Audit Report under HKSA 700 & 701 9 August 2008 Nelson Lam 林智遠 MBA MSc BBA ACA ACS CFA CPA(Aust) CPA(US) FCCA FCPA(Practising) MSCA 2006-08 Nelson 1 Overview HKSQCs Hong Kong Standards on Quality Control
More informationISA 700, The Independent Auditor s Report on General Purpose Financial Statements
International Auditing and Assurance Standards Board Exposure Draft July 2007 Comments are requested by November 30, 2007 Proposed Redrafted International Standard on Auditing ISA 700, The Independent
More informationAgenda 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
More informationAuditor Reporting Cover Letter and Issues Paper
ASB Meeting May 15-18, 2017 Agenda Item 3 Auditor Reporting Cover Letter and Issues Paper Objective To consider discussion drafts of proposed revisions to AU-C section 705, Modifications to the Opinion
More informationInternational 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
More informationProposed International Standard on Auditing. Review of Interim Financial Information Performed by the Auditor of the Entity.
IFAC International Auditing and Assurance Standards Board June 2003 Exposure Draft Response Due Date September 30, 2003 Proposed International Standard on Auditing Review of Interim Financial Information
More informationISA 570, Going Concern
International Auditing and Assurance Standards Board ISA 570 (Redrafted) July 2008 Redrafted International Standard on Auditing ISA 570, Going Concern International Auditing and Assurance Standards Board
More informationUpdate on 2007 Revision to the Yellow Book
Update on 2007 Revision to the Yellow Book AASHTO Administrative Subcommittee Conference on Internal/External Audit July 18, 2007 Gail Flister Vallieres 1 Session Objectives Explain the process being used
More informationModifications 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
More informationIntroduction Scope of this SA 1. This Standard on Auditing (SA) deals with the auditor s responsibilities in the audit of financial statements relatin
Standard on Auditing (SA) 570 (Revised), Going Concern Contents Paragraph(s) Introduction Scope of this SA... 1 Going Concern Basis of Accounting... 2 Responsibility for Assessment of the Entity s Ability
More informationSTATEMENT OF AUDITING STANDARDS 600 AUDITORS' REPORTS ON FINANCIAL STATEMENTS
STATEMENT OF AUDITING STANDARDS 600 AUDITORS' REPORTS ON FINANCIAL STATEMENTS (Issued August 1994; revised April 2000, June 2001; February 2004, September 2004 (name change), December 2005 and October
More informationAuditor 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
More informationForming 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
More informationStandard on Auditing (SA) 705 (Revised), Modifications to the Opinion in the Independent. Auditor s Report
Introduction Standard on Auditing (SA) 705 (Revised), Modifications to the Opinion in the Independent Auditor s Report Contents Paragraphs Scope of this SA... 1 Types of Modified Opinions... 2 Effective
More informationAudit 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
More informationGoing Concern. SSA 570, Going Concern superseded SSA 570 of the same title in September 2009.
SINGAPORE STANDARD ON AUDITING SSA 570 (Revised) Going Concern SSA 570, Going Concern superseded SSA 570 of the same title in September 2009. This SSA is revised in July 2015. SSA 720 (Revised), The Auditor
More informationPROPOSED 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
More informationISA 805 (Revised), Engagements to Report on Summary Financial Statements
International Auditing and Assurance Standards Board Exposure Draft July 2007 Comments are requested by November 30, 2007 Proposed Redrafted International Standard on Auditing ISA 805 (Revised), Engagements
More informationProposed Statement on Auditing Standards (SAS) Forming an Opinion and Reporting on Financial Statements
Proposed Statement on Auditing Standards (SAS) Forming an Opinion and Reporting on Financial Statements Matrix Comparison of ISA 700, (Revised and Redrafted) Forming an Opinion and Reporting on Financial
More informationReporting 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
More informationTOPIC 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:
More informationAudit Engagement Letter a. [CPA Firm s Letterhead]
8 EBP 2/15 EBP-CL-1.1: Audit Engagement Letter a [CPA Firm s Letterhead] [Date] [Identify the body or individual(s) charged with governance.] and [Name of Management] b [Client s Name and Address] We are
More informationAccounting 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
More informationInternational 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
More informationIAASB Main Agenda (March 2005) Page Agenda Item [MARK-UP COPY]
IAASB Main Agenda (March 2005) Page 2005 623 Agenda Item 14-B [MARK-UP COPY] REVIEW OF INTERIM FINANCIAL INFORMATION PERFORMED BY THE AUDITOR OF THE ENTITY CONTENTS Paragraphs Introduction... 1 5 General
More information[Designated for AT Section 701, Management s Discussion and Analysis]
Management s Discussion and Analysis 1675 AT-C Section 395 [Designated for AT Section 701, Management s Discussion and Analysis] NOTE SSAE No. 18 does not supersede chapter 7, "Management's Discussion
More informationInternational Standard on Auditing (UK) 700 (Revised June 2016)
Standard Audit and Assurance Financial Reporting Council June 2016 International Standard on Auditing (UK) 700 (Revised June 2016) Forming an Opinion and Reporting on Financial Statements The FRC s mission
More informationReporting 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
More informationAmerican Institute of CPAs
Statement on Standards for Accounting and Review Services No. 21, Statements on Standards for Accounting and Review Services: Clarification and Recodification DISCLAIMER: This publication has not been
More informationThis 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
More informationACCOUNTING AND AUDITING SUPPLEMENT NO
Chapter 1 ACCOUNTING AND AUDITING SUPPLEMENT NO. 4 2015 INTRODUCTION This update includes the more significant accounting and auditing developments from October 2015 through December 2015. Included in
More informationAn Audit of Internal Control Over Financial Reporting That Is Integrated With an Audit of Financial Statements
An Audit of Internal Control Over Financial Reporting 1215 AU-C Section 940 An Audit of Internal Control Over Financial Reporting That Is Integrated With an Audit of Financial Statements Source: SAS No.
More informationSRI 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
More informationIAASB Main Agenda (February 2007) Page ISA 700 (Redrafted), The Independent Auditor s Report on General Purpose Financial Statements
IAASB Main Agenda (February 2007) Page 2007 285 Agenda Item 4 Committee: IAASB Meeting Location: New York Meeting Date: February 13-16, 2007 ISA 700 (Redrafted), The Independent Auditor s Report on General
More informationINTERNATIONAL STANDARD ON AUDITING 700 FORMING AN OPINION AND REPORTING ON FINANCIAL STATEMENTS CONTENTS
INTERNATIONAL STANDARD ON 700 FORMING AN OPINION AND REPORTING ON FINANCIAL STATEMENTS (Effective for audits of financial statements for periods beginning on or after December 15, 2009) CONTENTS Introduction
More informationInitial 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
More informationForming an Opinion and Reporting on Financial Statements
ISA 700 (Revised) Issued April 2015; updated July 2018 International Standard on Auditing Forming an Opinion and Reporting on Financial Statements INTERNATIONAL STANDARD ON AUDITING 700 (REVISED) FORMING
More informationEdition Volume II
International Auditing and Assurance Standards Board Handbook of International Quality Control, Auditing, Review, Other Assurance, and Related Services Pronouncements 2016 2017 Edition Volume II The structures
More informationSRI LANKA AUDITING STANDARD 720 OTHER INFORMATION IN DOCUMENTS CONTAINING AUDITED FINANCIAL STATEMENTS CONTENTS
SRI LANKA AUDITING STANDARD 720 OTHER INFORMATION IN DOCUMENTS CONTAINING (Effective for all the audits carried out on or after..) CONTENTS Paragraph Introduction 1-8 Access to Other Information 9 Consideration
More informationForming an Opinion and Reporting on Financial Statements
ISA 700 March 2009 International Standard on Auditing Forming an Opinion and Reporting on Financial Statements INTERNATIONAL STANDARD ON AUDITING 700 Forming an Opinion and Reporting on Financial Statements
More informationINTERNATIONAL 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
More informationSpecial 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
More informationTax Practitioner s Guide to Accounting and Reporting Issues (TPG)
Tax Practitioner s Guide to Accounting and Reporting Issues (TPG) Rebecca Lee, CPA (Licensed in Alabama and South Carolina) and Kenneth Heaslip, CPA (Licensed in New Jersey) TAX PRACTITIONER S GUIDE TO
More informationRevised 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
More informationRequiring the Opinion section to be presented first in the auditor s report, followed by the Basis for Opinion section.
Deloitte & Touche LLP 695 E. Main Street Stamford, CT 06901-2150 Tel: +1 203 761 3000 Fax: +1 203 761 3013 www.deloitte.com May 21, 2018 Ms. Sherry Hazel American Institute of Certified Public Accountants
More informationThe 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
More information