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The independent auditor should consider the effect of these matters on his opinion and he should date his report in accordance with the procedures described in paragraph .05.However, if an event of the type requiring disclosure only (as discussed in section 560.05 and 560.08) occurs between the date of the independent auditor's original report and the date of the reissuance of such report, and if the event comes to the attention of the independent auditor, the event may be disclosed in a separate note to the financial statements captioned somewhat as follows: Event (Unaudited) Subsequent to the Date of the Independent Auditor's Report Under these circumstances, the report of the independent auditor would carry the same date used in the original report.These standards were developed in response to requests from users of audited financial statements for a more informative auditor’s report that includes communication of significant matters in the financial statements and the conduct of the audit.The new and revised auditor reporting standards require the reporting of going concern matters, and entity-specific other information.Appendix A: Examples of Information and Sources of Information That May be Gathered During the Audit That Could Indicate That Related Parties or Relationships or Transactions with Related Parties Previously Undisclosed to the Auditor Might Exist The following auditing standard is not the current version and does not reflect any amendments effective on or after December 31, 2016.The current version of the auditing standards can be found here. For audits of fiscal years beginning before December 15, 2010, click here.] The auditor should date the audit report no earlier than the date on which the auditor has obtained sufficient appropriate evidence to support the auditor's opinion.Currently, the Canadian auditor reporting standards state that auditor’s reports are only required to communicate key audit matters if law or regulation requires the auditor to do so. Securities and Exchange Commission (SEC) approved significant enhancements to PCAOB standards regarding the auditor’s report, including changing the location of the paragraphs, enhancing the description of the auditor’s responsibilities, and introducing the requirement to communicate critical audit matters (“CAMs”) and disclose auditor tenure.
CPA Canada recently issued the following guidance relating to the changes to the auditor’s report: This communication contains a general overview of the topic and is current as of January 22, 2018.
Use of the original report date in a reissued report removes any implication that records, transactions, or events after that date have been examined or reviewed.
In such cases, the independent auditor has no responsibility to make further investigation or inquiry as to events which may have occurred during the period between the original report date and the date of the release of additional reports.
98.] In case a subsequent event of the type requiring disclosure (as discussed in section 560.05) occurs after the date of the auditor's report but before the issuance of the related financial statements, and the event comes to the attention of the auditor, it should be disclosed in a note to the financial statements or the auditor should qualify his or her opinion.
If disclosure of the event is made, either in a note or in the auditor's report, the auditor would date the report as set forth in the following paragraph.