1
Q
Audit procedures for comparitive info
Point 1
A
PERFORM SPECIFIC AUDIT PROCEDURES:
1. Auditor - evaluate whether:
* comparitive info agrees with amts & disclosures
* A/c policies - consistent; if change - properly A,P,D.
2
Q
Audit procedures for comparitive info
Point 2
A
- Evaluating impact on FS
* aware of material misstatement: audit procedure - evidence
* if same auditor audited prior period FS - follow SA 560
3
Q
Audit procedures for comparitive info
Point 3
A
- WR
* SA 580 - WR for all periods
* Specific WR - prior period item
4
Q
2 approaches to auditor’s responsibility w.r.t comparitive information
A
- Corresponding figures : auditor’s opinion on current period only
- Comparitive Fiancial Info. : Auditor’s opinion refers to each period for FS presented
5
Q
Auditor’s opinion shall not refer to
Corresponding figures
except in the following circumstances
A
- prior period AR contain other than unqualified opinion
- auditor - sufficient evidence - MM in prior period - uncorrected
- Prior period FS - not audited : obtain SAAE - openin bal not MM.
6
Q
Basis for modification para :
A
- matter cuasing modification - possible effects on current period fig. -material
- modified beacuse - effects of unresolved matter on comparability
If unresolved MM prior period - now qualified/adverse opinion
7
Q
Audit reporting w.r.t Comparitive fin. statement
A
- opinion - refer each period presented
- auditor opinion on prior period FS differetn from prev. issued opinion - disclose substantive reason for difference in OM para
- if MM present - prior period - report to mgmt - predecessor auditor be informed - if amended, report only on current period.
8
Q
Reporting treatment common to both
A
- if prior period audit done by predecessor auditor:
- state the fact as such
- type of opinion expressed
- date of AR - if not audited, report in OM (disclosure does not relieve him from responsibility to obtain SAAE of opening bal. )
AUDITING - CA FINAL
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