Dual dating of audit report
If the new facts have an effect on the previous year's financial position in a material way, the auditors must investigate.They should revise their audit report and the company should issue the corrected audit report to any parties that have received it, such as government agencies or banks.These standards were developed in response to requests from users of audited financial statements for a more informative auditor’s report that includes communication of significant matters in the financial statements and the conduct of the audit.The new and revised auditor reporting standards require the reporting of going concern matters, and entity-specific other information.
However, it might be a different story if the meant the difference between the sales manager and executive team earning ,000 bonuses for hitting revenue targets.The new auditor’s report also provides improved transparency regarding the scope of the auditor’s work and the roles and responsibilities of the auditor, management and those charged with governance. The equivalent International Standards on Auditing require that the auditor’s reports of all listed entities include the communication of key audit matters.This requirement has not yet been included in the Canadian Auditing Standards as the AASB is working with members of the Auditor Reporting Implications of the New Canadian Auditing Standards Task Force to deliberate how best to address the differences between the Canadian and US Public Company Oversight Accountability Board’s (PCAOB) new auditor reporting standards, including key audit matter reporting and the implications for auditor’s reports on the financial statements of dual-listed entities.Allowing a website to create a cookie does not give that or any other site access to the rest of your computer, and only the site that created the cookie can read it.
In June 2017, the Auditing and Assurance Standards Board (AASB) issued new and revised auditor reporting standards and related conforming amendments.Audit reports vouch for the credibility of financial statements, and investors, banks and other stakeholders need accurate financial statements to make good business decisions.