required supplementary information

Question 1

Identify the auditor’s responsibilities when required supplementary information is associated with audited financial statements.
2. Prepare an appropriate emphasis-of-matter or other-matter paragraph when commenting on required supplementary information (or its omission) in connection with audited financial statements.

Answer 1

j

Question 2

required supplementary information

Answer 2

information that a designated accounting standard setter requires to accompany an entity’s basic financial statement (the info is not part of the basic f/s, but authoritative guidelines for measurement and presentation have been established)

Question 3

designated acc standard setter

Answer 3

a body designated by the aicpa to establish gaap

Question 4

procedures to be performed by auditor

Answer 4

inquire of management if its:

wether it is measured and presented in accordance with prescribed outlines

wether methods of measurement or presentation have been changed relative to prior period

wether any significant assumptions affect the measurement or presentation of it

compare info for consistency with:

managements response to the auditors inquiries

the basic f/s

other knowledge obtained in the audit