Reports on Comparative FS

Question 1

Updating (changing) prior opinions format

Answer 1

Only “DORCS” change their mind

Date of the auditors previous report
Opinion type previously issued
Reason for the prior opinion
Changes that have occured
Statement that the "opinion.....is different"

Question 2

The predecessor auditor should do what is their audit reports are presented

Answer 2

1. Read the statements for the current period
2. Compare the statements
3. Obtain a letter of representation from the successor auditor
4. Obtain a letter of representation from management
5. Date report as appropriate

Question 3

The successor auditor should do what if the report of the predecessor auditor is not reissued

Answer 3

express opinion on current period financials only and in an other-matter paragraph:

1. state the prior period were audited by a predecessor
2. state the type of opinion by the predecessor
3. state the nature of any emphasis-of-matter or other-matter paragraphs by the predecessor
4. the date of the predecessors auditor report