Summary Financials Report

Question 1

Requirements to report on summary financials

Answer 1

1. must have been engaged to audit the entire FS

2. FS report must be readily available

Question 2

Reporting Structure

Answer 2

Only an Unmodified or Adverse opinion is allowed

When an adverse or disclaimer of opinion is given on the FS report as a whole – withdrawal or disclaim opinion

Question 3

Main objective

Answer 3

Determine whether the information is consistent in all material respects in relation to the complete financial statements