Dual dating auditing

An independent auditor may reissue his report on financial statements contained in annual reports filed with the Securities and Exchange Commission or other regulatory agencies or in a document he submits to his client or to others that contains information in addition to the client's basic financial statements subsequent to the date of his original report on the basic financial statements.

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In Canada, the new and revised auditor reporting standards are effective for audits of financial statements for periods ending on or after December 15, 2018. The effective date for key audit matters reporting for exchange-listed entities will be decided at a future AASB meeting.

CPA Canada recently issued the following guidance relating to the changes to the auditor’s report: This communication contains a general overview of the topic and is current as of January 22​, 2018.

See section 561 regarding procedures to be followed by the auditor who, subsequent to the date of his report upon audited financial statements, becomes aware that facts may have existed at that date which might have affected his report had he then been aware of such facts.

​​​​​In June 2017, the Auditing and Assurance Standards Board (AASB) issued new and revised auditor reporting standards and related conforming amendments.

However, if the financial statements are adjusted and disclosure of the event is made, or if no adjustment is made and the auditor qualifies his or her opinion, the procedures set forth in paragraph .05 should be followed.

[As amended, effective September 2002, by Statement on Auditing Standards No.Currently, the Canadian auditor reporting standards state that auditor’s reports are only required to communicate key audit matters if law or regulation requires the auditor to do so. Securities and Exchange Commission (SEC) approved significant enhancements to PCAOB standards regarding the auditor’s report, including changing the location of the paragraphs, enhancing the description of the auditor’s responsibilities, and introducing the requirement to communicate critical audit matters (“CAMs”) and disclose auditor tenure.Auditors may also voluntarily choose to communicate key audit matters. Consequently, audits of SEC issuers may be impacted, particularly issuers obtaining a combined Generally Accepted Auditing Standards (CAS/PCAOB) auditor’s report for fiscal years ending on or after December 15, 2017.Note: If the auditor concludes that a scope limitation will prevent the auditor from obtaining the reasonable assurance necessary to express an opinion on the financial statements, then the auditor's report date is the date that the auditor has obtained sufficient appropriate evidence to support the representations in the auditor's report.The auditor has no responsibility to make any inquiry or carry out any auditing procedures for the period after the date of his report.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.

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