AU 20 - Auditor Report Flashcards
What is the earliest date an audit report can be dated?
When practitioner has gained sufficient and appropriate audit evidence to support opinion
what are KAM?
matters that were of most significance in the audit of entity’s FS of current period. Placed in a separate section of the report.
Required KAM documentation
- matters that required signficiant attention during audit
- rationale for determination as to whether or not each of these matters were KAM
- if no KAM, rationale for why no KAM
When can an unmodified opinion be issued?
when sufficient appropriate audit evidence has been obtained
whether uncorrected statements are material, individually or aggregated
whether FS prepared in all material respects in accordance with ASPE/IFRS
When can a limitation of scope occur?
Circumstances beyond cleints control (fire)
Circumstances relating to nature or timing of work (lack of time)
Limitattions by management
What does pervasive mean?
Means FS could be misstated due to not being able to get sufficient audit evidence. Not confined to specific elements, accounts or items of FS.
If scope limitation is material and pervasive what opinion is issued? if material and not pervasive?
Disclaimer of opinion. Qualified.
If material misstatement is pervasive what opinion is issued? If nor pervasive?
Adverse. Qualified.
Purpose of Emphasis of Matter paragraph
Used when necessary to draw users attention to a matter presented or disclosed in FS that is fundamental to users understanding. FS not mis-stated.
Examples when Other Matter paragraph is usedd
auditor unable to withdraw even though management has imposed scope limitation
auditor requried to explain findings with respect to the law
FS prepared for general purpose, not framework
What is the OI tab?
financial or non-financial info included in entity’s annual report. auditor required to discuss with management which documents meet OI, obtain files and review them.
Association
AUditor is associated with entitiy in some way
