- November 7, 2022 at 11:25 am #670835alawi sayedParticipant
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If there are subsequent events which came to the auditors notice after signing the audit report. Does he required to request the amendment of the financial statements and also amend and re-sign the auditors report with a new date.
This question has appeared in the mock exam (Q14)
Thanks Sir,November 7, 2022 at 1:24 pm #670890Kim SmithKeymaster
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It depends on the scenario – the matter would have to be material (first and foremost).
The question the auditor would ask is “if this information had been known when the auditor’s report was signed, would the opinion have been different”?
In Q14, the auditor has signed an auditor’s report on 18 March 20X9 with an opinion that the financial statements for the year ended 31 Dec 20X8 have been properly prepared (in all material respects). Since the financial statements have not yet issued, the auditor’s first response is to halt the issue, pending additional procedures.
If the financial statements are amended (in this case presumably corrected), the auditor’s report has to be reissued (in this case presumably with the same opinion, only dated later).
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