Required Supplementary Information Flashcards

1
Q

What are the audit procedures for required supplementary information?

A
  • Inquire of management about the methods used to prepare the information
  • Compare for consistency
  • Ensure there are no material departures
  • Required supplementary information
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2
Q

T/F: The auditor would include a “other-matter” paragraph for required supplementary F/S?

A

TRUE!

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3
Q

What is required to be stated in the “other-matter” paragraph?

A
  • That it is included in the F/S
  • Whether it is omitted
  • Some of it missing?
  • Did the auditor identify material departures
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4
Q

if there is a deficiency on the supplemental information, does it impact the opinion on the F/S? IMPORTANT

A

NO!! IT DOES NOT IMPACT THE OPINION ON THE F/S!!

The opinion on the F/S will not be downgraded.

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