Required Supplementary Info

Question 1

When required supplementary information is included with the financial statements, what is the auditor required to perform?

Answer 1

1) inquire with management about methods of preparing the information and whether such methods have changed
2) ask about significant assumptions
3) compare the information for consistency with management’s responses, the audited financial statements, and other knowledge obtained during the audit; and
4) obtain additional representations in the management representation letter.

Question 2

supplementary information

Answer 2

has to comply with materiality in f/s as a WHOLE

Question 3

what is required by fasb for supplementary info?

Answer 3

The auditor should apply certain limited procedures to the required supplementary information and report deficiencies in, or omissions of, such information.