Reporting on A Single Statment

Question 1

Audit Procedures for Single Statement

Answer 1

You can use audit evidence obtained during the audit of a complete set of financial statements in the audit of the single financial statement or specific element.

Question 2

Audit Report Difference for a single statement and full statements

Answer 2

instead referring to the financial statements as a whole, the audit report refers only to the single financial statement or specific element, account, or item.