Example dual dating audit report

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The Portfolio includes discussion of differences between AICPA standards and International Accounting Standards as they relate to audit reports. The Four Reporting Standards: The Foundation for the Auditor's Report Introductory Material A. Are the Accounting Principles Selected and Applied Generally Accepted? Are the Accounting Principles Appropriate in the Circumstances? Are the Financial Statements and Notes Informative of Matters That May Affect Them? Do the Financial Statements Reflect the Underlying Transactions and Events Within a Range of Acceptable Limits? This Portfolio does not cover attestation reports (including reports on internal control), reviews of interim information, letters to management or underwriters, or reports on the application of accounting principles. An example of a dual opinion requiring the signatures of both auditors Assume that the opinion paragraph of an auditors’ report begins as follows: with the explanation given in mote 6, the financial statements referred to above present fairly… Subject to qualified opinion or an unqualified opinion with a separate explanatory paragraph B. The auditor's considerations relating to management's plans for dealing with the adverse effects of these conditions most likely would include management's plans to: A. Repurchase the entity's stock at a price below its book value. The auditor believes that the new principles are not in conformity with GAAP, and therefore that the 20X4 financial statements are misleading.

An accountant may accept an engagement to apply agreed-upon procedures to financial statement elements, where the scope of the engagement is not sufficient to express an opinion, if the users assume responsibility for sufficiency of the procedures, and use of the report is restricted to specified users.

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GIBSON, CPA, is a technical manager in the AICPA audit and attest division. GERSON, CPA, is a partner of Coopers & Lybrand and vice-chairman of the ASB. Gibson is an employee of the American Institute of CPAs and her views, as expressed in this article, do not necessarily reflect the views of the AICPA.

Official positions are determined through certain specific committee procedures, due process and deliberation.

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