A2 (2) - Special reports - Non GAAP Flashcards
Examples of Special reports
1) . OCBOA
2) . Specified accounts in the FSs
3) . Compliance with contractual or regulatory requirements
4) . Financial presentations to comply with contractual agreements
5) . Financial information presented in prescribed forms or schedules
Special requirement reports - general opinion paragraph
Use of NON GAAP method require qualification or adverse , except OCBOA that require unqualified .
or an audit of FS prepared on accounting basis prescribed by a regulatory agency solely for filing with that agency
OCBOA report
Introductory paragraph - NON GAAP Titles
Scope paragraph
Explanatory Paragraph - basis of preparation and refer to footnote
Opinion paragraph - modified with additional paragraph for scope limitation
OCBOA - other comprehensive basis of accounting
1) . Cash receipts and disbursements system
2) . Basis of accounting used in tax filing
3) . Basis of accounting used to comply with requirements of regulatory agency (NLC)’
OCBOA report (prepared on a Basis to Comply with a Regulatory Agency) - restrict use
Report prepared on the basis to comply with regulatory agency restricted to used by board and management
Specific
Provide piecemeal opinion ( parts of financial statements )unless the Standard report not adverse or disclaimer and performed audits to the complete FS. when conjunction with an audit of financial statements
Provide opinion is separate report for individual accounts even though there is disclaimer on whole FS
Restrict use in certain situation
Compliance with Aspects of Contractual Agreements or Regulatory Requirements Related to Audited Financial Statements
Provide negative assurance
No assurance given for adverse Or disclaimer
Restricted use
Compliance financial presentation
Restricted use
FORMS - Financial Information Presented in Prescribed Forms or Schedules
Modifications in the wording at the forms should be added to unqualified report with explanatory paragraph .
