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Is it possible to perform an audit of 2 periods of FS (eg. FY ended 2014 and FY ended 2015) and issue ONE SINGLE AUDIT AUDIT OPINION?
No
Each separate accounting period shall be the subject of its own set of financial statements and audit and each set of financial statements shall be separately reported on
If you’re going to allow two, why stop there? Why not simply have a single audit every, say, 10 years. It would be much cheaper, it would take less than one tenth of the aggregate 10 separate years’ audits and a management fraud committed in the first of those years will go undetected for ten years giving plenty of time for the fraudster to milk the company dry and then up sticks and disappear
What a great idea!
Hi Mike. What I meant to have said is that if prior period audit hasn’t been done and the client has asked us to audit 2 periods, 2015 and 2016. Can we provide 1 audit opinion for both periods. Doesn’t Isa 710 comparative financial statements give us that permission
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