Completing the Audit Cycle
What is dual date? definition and meaning - 24dating.me
Dual dating of an audit report extends the auditors' liability for disclosure through the later date for all areas of the financial statements. True False. F. 7. . therein the auditor may issue an unqualified opinion but should consider adding an explanatory paragraph as a means of emphasizing the disclosure. DIf a loss is. Restriction should be clearly identified, but the auditor is not responsible for preventing the client's unauthorized distribution of the restricted-use report. V. Miscellaneous A. "Dual dating" the report -- The audit report should be dated when sufficient appropriate audit evidence has been obtained (which cannot precede the. What is meant by the term "dual dating" the auditor's report? - the auditor uses one date for the overall audit report but specifies a later date to address a particular subsequent event - the later date is limited to the specific subsequent event and does not imply responsibility for other matters beyond the basic date of the report.
Click to expand menu items Click to collapse menu items. The following auditing standard is not Dual Dating An Auditors Report Implies That current version and does not reflect any amendments effective on or after December 31, The auditor should date the audit report no earlier than the date on which the auditor has obtained sufficient appropriate evidence to support the auditor's opinion.
When performing an integrated audit of financial statements and internal control over financial reporting, the auditor's reports on the company's financial statements and on internal control over financial reporting should be dated the same date. If the auditor concludes that a scope limitation will prevent the auditor from obtaining the reasonable assurance necessary to express an opinion on the financial statements, then the auditor's report date is the date that the auditor has obtained sufficient appropriate evidence to support the representations in the auditor's report.
The auditor has no responsibility to make any inquiry or carry out any auditing procedures for the period after the date of his report. In case a subsequent event of the type requiring adjustment of the financial statements as discussed in section In case a subsequent event this web page the type requiring disclosure as discussed in section The independent auditor has two methods for dating the report when a subsequent event disclosed in the financial statements occurs after the auditor has obtained sufficient appropriate evidence on which to base his or her opinion, but before the issuance of the related financial statements.
In the former instance, the responsibility for events occurring subsequent to the original report date is limited to the specific event referred to in the note or otherwise disclosed.
In the latter instance, the independent auditor's responsibility for subsequent events extends to the later report date and, accordingly, the procedures outlined in section An independent auditor may reissue his report on financial statements contained in annual reports filed with the Securities and Exchange Commission or other regulatory agencies or in a document he submits to his client or to others that Dual Dating An Auditors Report Implies That information in addition to the client's basic financial statements subsequent to the date of his original report on the basic financial statements.
An independent auditor may also be requested by his client to furnish additional copies of a previously issued report. Use of the original report date in a reissued report removes any implication read article records, transactions, or events after that date have been examined or reviewed.
learn more here In such cases, the independent auditor has no responsibility to make further investigation or inquiry as to events which may have occurred during the period between the original report date and the date of the release of additional reports.
In some cases, it may not be desirable for the independent auditor to reissue his report in the circumstances described in paragraph. In such cases, adjustment with disclosure or disclosure alone should be made as described in section The independent auditor should consider the effect of these matters on his opinion and he should date his report in accordance with the procedures described in paragraph. However, if an event of the type requiring disclosure only as discussed in section Under these circumstances, the report of the independent auditor would carry the same date used in the original report.
Issue date, unless otherwise indicated: For audits of fiscal years beginning before December 15,click here. For audits of fiscal years ending before June 1,click here. Background and Basis for Conclusions.
Evaluating Consistency of Financial Statements. Supervision of the Audit Engagement. Consideration of Materiality in Planning and Performing an Audit. Identifying and Assessing Risks of Material Misstatement. Consideration of Manual and Automated Systems and Controls.
Communications with Audit Committees. Matters Included in the Audit Engagement Letter. AU Section - Independence.
Chapter 17 - Audit
Auditing Interpretations of Section AU Section - Service Organizations. AU Section - Service Organizations: AU Section - Evidential Matter: AU Section - Inventories.
Assume responsibility for resolving all events subsequent to the issuance of the auditor's report. Evaluating Consistency of Financial Statements. Balance sheet date but prior to the date of the auditor's report.
AU Section - Management Representations. AU Section - Management Representations: AU Section - Audit Sampling.
Accounting, Financial, Tax
AU Section - Segment Information. AU Section - Subsequent Events. AU Section - Special Reports.
Review minutes of board of directors' meeting. This preview shows document pages 73 - Accounting 5 years ago. AU Section - Compliance Auditing. Use the current-period auditor's report date on the reissued report.
AU Section - Special Reports: AU Section - Special Topics. AU Section - Compliance Auditing.