Although these communication responsibilities are essentially the same for all audits, the reporting issues relative to non-SEC issuers are simpler because predecessor auditors are typically not asked to reissue their reports to accompany comparative financial statements
Tenders are invited for qualified consulting firms to conduct the audit of gs/oas accounts and comparative financial statements
for the years ending december 31, 2016 , 2017, and 2018.
Publicly Accountable Enterprises (PAE's) are expected to soon publish their first comparative financial statements
(including quarterly statements) based on International Financial Reporting Standards (IFRS) accounting.
Comparative financial statements
for 2012 were restated to reflect the change.
Successor firm S audits XYZ for the year 2010 and expects to issue an audit report on comparative financial statements
for the years ending Dec.
2, Reporting on Comparative Financial Statements
(AICPA, Professional Standards, vol.
Must management provide a new representation letter on prior period comparative financial statements
when a representation letter was provided last year on those financial statements?
Generally, comparative financial statements
in annual and other reports enhance the usefulness of such reports.
Reporting Comprehensive Income Companies must make decisions with respect to four areas: (1) the form of the statement(s) on which comprehensive income will be displayed, (2) the reporting of reclassification adjustments, (3) the reporting of tax effects, and (4) comparative financial statements
to form an opinion on the financial statements based on an evaluation of the audit evidence obtained, including evidence obtained about comparative financial statements
or comparative financial information, and
While conversion to IFRS has not yet been mandated, companies must realize that IFRS implementation is a complex and time-consuming process because of the retrospective nature of implementation and due to the comparative financial statements
that will be required upon adoption.