Other Information

Question 1

what is supplementary information

Answer 1

data or narrative presented in addition to the basic F/S

Question 2

what are the 3 categories of supplementary information?

Answer 2

1. other information
2. supplementary information
3. required supplementary information

Question 3

what is other information?

Answer 3

unaudited voluntary data provided by management (no opinion expressed)

inconsistency exists: auditors ask management to correct

management corrects: no modification to report

management does not correct: modify report to include the inconsistency

Question 4

what is required supplementary information (RSI)

Answer 4

data that is required by the reporting framework or regulation (SEC)
ex. information required by FASB will be clearly marked as unaudited

Question 5

procedures on other information presented by private and public entities

Answer 5

read information to determine whether material inconsistencies exist and whether revisions are needed

Question 6

procedures on supplementary information presented by private entities

Answer 6

perform limited review procedures (inquires/analyses) on information and obtain management representation letter (MRL)

Question 7

procedures on supplementary information presented by public entities

Answer 7

perform audit procedures on information and obtain MRL

Question 8

procedures on required supplementary information presented by private entities

Answer 8

perform limited review procedures on information and obtain MRL

Question 9

procedures on required supplementary information presented by public entities

Answer 9

perform limited review procedures on information and consider whether RSI representations are needed in MRL