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  • Updating A Prior Period's Opinion: Reporting - Module 4

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    Hazem El Sayed
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    1) If a prior period's opinion was modified but the reasons for modification have been resolved, the current period report will be unqualified but include an explanatory paragraph describing the change from the prior period report. 2) If an uncertainty from a prior period has been resolved, the current report is issued as if unqualified opinions had been issued for all periods but any reference to the uncertainty is omitted. 3) When audited financial statements are presented with unaudited comparative prior period statements, the unaudited statements must be clearly marked. The prior period report may also be reissued or the current report can describe the responsibility assumed for the prior period.

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    1) If a prior period's opinion was modified but the reasons for modification have been resolved, the current period report will be unqualified but include an explanatory paragraph describing the change from the prior period report. 2) If an uncertainty from a prior period has been resolved, the current report is issued as if unqualified opinions had been issued for all periods but any reference to the uncertainty is omitted. 3) When audited financial statements are presented with unaudited comparative prior period statements, the unaudited statements must be clearly marked. The prior period report may also be reissued or the current report can describe the responsibility assumed for the prior period.

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    8 views1 page

    Updating A Prior Period's Opinion: Reporting - Module 4

    Uploaded by

    Hazem El Sayed
    1) If a prior period's opinion was modified but the reasons for modification have been resolved, the current period report will be unqualified but include an explanatory paragraph describing the change from the prior period report. 2) If an uncertainty from a prior period has been resolved, the current report is issued as if unqualified opinions had been issued for all periods but any reference to the uncertainty is omitted. 3) When audited financial statements are presented with unaudited comparative prior period statements, the unaudited statements must be clearly marked. The prior period report may also be reissued or the current report can describe the responsibility assumed for the prior period.

    Copyright:

    © All Rights Reserved
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    of 1

    1)

    Updating a Prior Period's Opinion

    Reasons for a modified opinion issued in a prior period may have been corrected, resulting in an
    unqualified opinion for all periods presented

    Affects auditor's report in 1 respect

    1) The introductory, scope, & opinion paragraphs will be the same as if unqualified opinions
    had been issued for all periods presented

    2) Explanatory paragraph added after scope paragraph to describe reasons for change in opin-
    ion related to prior period
    When an uncertainty from a prior period has been resolved

    1) The same report is issued as if unqualified opinions had been issued for all periods pre-
    sented

    1) Any reference to the uncertainty in a prior period's report would be omitted

    3)

    Focus on
    182
    Reporting - Module 4

    Audited &.inaudited Financial Statements


    Unaudited financial statements presented in comparative form with audited financial statements
    must be clearly marked as unaudited

    In addition, either

     The report on the prior period's financial statements may be reissued along with the
    re-
    port on the current period's financial statements, or

     The report on the current period's financial statements may include a paragraph
    describ-
    ing the degree of responsibility being assumed for the prior period's financial statements

    Focus on
    Reporting - Module 4
    183

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