Dating audit report sas 103
AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS Statement on Auditing Standards Issued by the Auditing Standards Board December 2005 103 Audit Documentation (Supersedes Statement on Auditing Standards No.96, Audit Documentation, AICPA, Professional Standards, vol. 339, and amends Statement on Auditing Standards No.While this is a liberal paraphrase of the specifics in the standard, it is the guiding principle for the preparation of all audit documentation.Basic Objective of the Auditor The basic objective of the auditor is to prepare documentation that provides a good record of evidence that is the basis for the auditor’s report, as well evidence that the audit was planned and performed in accordance with generally accepted auditing standards and any applicable legal and regulatory requirements.When the adjustment is made without disclosure of the event, the report ordinarily should be dated in accordance with paragraph .01.
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.This Clarified Auditing Standard (AU-C Section 230) is a redraft of SAS No. As in the previous standard, the basic requirement for audit documentation preparation is that it must be sufficient to enable an experienced auditor having no previous connection with the audit to determine what the auditor did, what the auditor found and what the auditor did about what was found! The requirements in this standard underpin the specific documentation requirements in other Clarified Auditing Standards.Practical Note Audit documentation normally includes audit plans, analyses, memorandums, summaries of significant findings or issues, confirmation and representation letters, various practice aids and correspondence.Such documentation should demonstrate compliance with generally accepted auditing standards and (QC 10).
Note: When performing an integrated audit of financial statements and internal control over financial reporting, the auditor's reports on the company's financial statements and on internal control over financial reporting should be dated the same date.