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Hi. Kindly tell me whether the audit report is signed after the financial statements have been approved by the BOD or not. Or is it the other way around.
Since the auditor reports on the FS which are the responsibility of management, the FS must “exist” first. FS exist in law when they are approved for issue by the board. The auditor’s report must therefore always be dated on or after the date of FS approval – NEVER before.
Thank you for the clarification.