cpaexamreviewauditingattestationmodule4reporting(编辑修改稿)

cpaexamreviewauditingattestationmodule4reporting(编辑修改稿)内容摘要：

sDetailed Copyright 高才国际教育集团 d. Inconsistency in application of GAAP (AU420, 508). – Explanatory paragraph is retained as long as the year of change is presented。 – Does not include change in estimates, error corrections not involving a principle, and minor reclassifications。 – Different accounting principles may be used for different portions of an account。 – Does not include disclosed immaterial change expected to be material in the future。 – Changes not concurred or accounted for resulting in qualified or adverse opinion。 – No mention consistency when no change in principle. 22 Module 4: Reporting B Financial Statement Audit ReportsDetailed Copyright 高才国际教育集团 e. Certain circumstances affecting parative statements (AU508). – Auditor MUST report on all years presented: – An opinion on the prior period AFS may differ form the opinion previously issued: • Explanatory paragraph includes the date and type of opinion of previous report, circumstances causing the auditor to express different opinion, and updated opinion is different form previous opinion. – Different auditors: • Successor auditor’s report refers only to the second year。 • Predecessor auditor’s report was not reissued: – Revise the introductory paragraph. • Predecessor auditor’s report was reissued : – Comparison between statements and obtain LOR from successor. 23 Module 4: Reporting B Financial Statement Audit ReportsDetailed Copyright 高才国际教育集团 f. Required quarterly data for SEC reporting panies (AU722) – Omission misstatement or inability to review the quarterly information lead to explanatory paragraph g. Supplementary information required by FASB/GASB – Omission misstatement or inability to review the information lead to explanatory paragraph i. Emphasis of matter (AU508) – Related party transactions Uncertainties – Drawing attention to Subsequent events – Included in an explanatory paragraph. 24 Module 4: Reporting B Financial Statement Audit ReportsDetailed Copyright 高才国际教育集团 g. Other information in document containing audited financial statements (AU550552) – Auditor is required to read annual report and note inconsistencies。 – Inconsistency is noted: • Financial statement is incorrect: – Qualified or adverse opinion. • Other information is incorrect: – Unqualified opinion + explanatory paragraph, withholding the use of report, or withdrawal. – Information in auditor submitted documents: • Report on all the information . – Selected auditor’s AFS included in documents prepared by the client: • Explanatory paragraph to the report on the financial data. 25 Module 4: Reporting B Financial Statement Audit ReportsDetailed Copyright 高才国际教育集团 j. Departure form GAAP – Qualified opinion or adverse opinion with explanatory paragraph preceding the opinion paragraph – Materiality of the departure determines opinion – Inadequate disclosure of required information • Disclose the correct information or state so if not available – No “piecemeal opinions” – Missing cashflow statement • Qualified opinion and need NOT present the missing statement in the explanatory paragraph. – Incorrect /(omitted) segment disclosures • Qualified opinion or adverse opinion • Changes of segment for acceptable reasons – no modification 26 Module 4: Reporting B Financial Statement Audit ReportsDetailed Copyright 高才国际教育集团 Is the limitation client imposed? Does the limitation significantly limit audit scope? Generally disclaim No (implied) Are adequate alternative procedures available? The limitation itself will not lead to a qualified report or a disclaimer Yes No Yes No Yes Qualify (except for) or disclaim based on importance of omitted procedures k. Scope limitation (AU508) – Qualified opinion or disclaimer with explanatory paragraph。 – Nature, magnitude, and significance to the AFS of the matters in question determines the opinion。 27 Module 4: Reporting B Financial Statement Audit ReportsDetailed Copyright 高才国际教育集团 k. Scope limitation – Client imposed vs. Circumstance imposed。 – The auditor may report on only one statement。 – Piecemeal opinion is not allowed。 – Scope paragraph will be omitted (a oneparagraph disclaimer is issued). l. Lack of independence (AU504) – Disclaimer MUST be issued – No mention of the reason for the lack of independence 4 28 Module 4: Reporting B Financial Statement Audit ReportsDetailed Copyright 高才国际教育集团 8 1. Other forms of Accountant Association with Historical Financial Statements a. Unaudited statements (AU504) – A simple disclaimer of opinion is issued。 – Each page of the financial statements should be marked “unaudited”。 – Auditor should read the financial statements for obvious material misstatements。 – If note any inconsistencies and not changed by client, add into disclaimer opinion. 29 Module 4: Reporting C Accountant Association other than Audits Copyright 高才国际教育集团 8 b. Compiled or reviewed statements (AR100600) – AR100600 are designed for CPA association with FS of nonissuer entities. – Be familiar with outlines in AR100 and AR200. – Submission of unaudited FS. – Following are not considered as submission of financial statements. * Reading clientprepared financial statements。 * Typing or reproducing financial statements without notification。 * Proposing journal entries and disclosures and providing a client with a financial statement format without dollar amounts. 30 Module 4: Reporting C Accountant Association other than Audits Copyright 高才国际教育集团 11 Compilations – Form of munication depends on whether report used by a third party? • Yes, a pilation report must be issued。 • No, a pilation report or an engagement letter. – Date of pletion of pila。