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Can you please clear me about audit report date and date of financial statement.
The auditors cannot date their report before the directors have formally approved the financial statement because, until that date of the directors’ approval, the financial statements have not been formally finalised
In practice the auditors date their report on the same day as the directors approve the financial statements but have seen 2 examples where the auditors’ report date preceded the date of the directors’ approval
One was where the auditors had dated their report on a Friday but the directors didn’t formally approve until the following Monday
The other was where the auditors had dated their report one full month before the date of directors’ approval (1 February / 1 March) … it’s an easy mistake!
OK, they were both typing errors but they should have been spotted on the proof-reading of the annual accounts
OK?
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