On June 1, 2017, the Public Company Accounting Oversight Board (PCAOB) adopted a new standard, The Auditor's Report
on an Audit of Financial Statements When the Auditor Expresses an Unqualified Opinion, Release 2017-001, which supersedes portions of the extant AS 3101, Reports on Audited Financial Statements, and makes related amendments to other PCAOB standards.
Although the auditor's report
is public, the names of those involved and any disciplinary action were not disclosed.
This paper is a valuable resource for students to acquaint themselves with the proposed model, the history of the auditor's report
, and an overview of the audit standard setting process.
The addition of new elements to the auditor's report
related to auditor independence, auditor tenure, and the auditor's responsibilities for, and the results of, the auditor's evaluation of other information outside the financial statements; and,
include in auditor's reports
information about the auditor's independence, tenure, and evaluation of "other information" outside the financial statements; and
But on closer reading, the auditor's report
states: "On two previous occasions (2010 and 2012) the auditors have reported to the council concerns about the need for proper processes to inform decision making".
communicate appropriately in the auditor's report
when the comparability of financial statements between periods has been materially affected by a change in accounting principle or by adjustments to correct a material misstatement in previously issued financial statements.
The auditor's report
released last September found the Commission for Motor Vehicles Evaluation, operated under the jurisdiction of Lau's bureau, has been ''meeting excessively and unreasonably'' and that remunerations paid to commission members were inflated by 80 percent to 4 million patacas ($513,000).
TORONTO -- The Ontario government has launched a review of its program for autistic children after an auditor's report
found the program was lax in spending money on children needing intensive therapy and its financial records were littered with inaccurate information.
How would he help investors understand the relationship between the new internal control report and the traditional auditor's report
on the financial statements?
Section 103 of the Sarbanes-Oxley Act directs the Public Company Accounting Oversight Board to adopt an auditing standard that requires each registered public accounting firm to retain for a period of not less than seven years audit workpapers and other information that support the conclusions in the auditor's report
The enforcement chief said the first auditor's report
had been received in March, and since then the number handed in had gone up dramatically on a monthly basis.