The financial statements and
auditor report were not lodged during the suspension period, and ASIC cancelled Allegianz's AFS licence on 7 September 2016.
Department of the Treasury's Advisory Committee on the Auditing Profession (ACAP) recommended that the PCAOB undertake a standard-setting initiative to consider improvements to the standard
auditor report.
By far, the most common
auditor report subject to SAS 125 is listed third in the above list--the "by product" report is usually not even called a report-namely the "management letter" The primary objective of an audit of financial statements is to determine if they are stated in accordance with GAAP.
A 2002 state
auditor report recommended reforms to the red light camera program to eliminate perceived conflicts of interest and restore public trust in the program.
The AICPA's Auditing Standards Board (ASB) voted to issue a proposed requirement for an expanded
auditor report that converges with the guidance from the International Auditing and Assurance Standards Board (IAASB).
Lastly, the Act has a provision not covered by SAS 90, which requires that the
auditor report to the audit committee "other material written communications" between the auditor and the client.
Based on a 2002 State
Auditor report that recommended tighter control over red light camera programs, AB 1022 has been created to restore public trust by ensuring that the programs focus on safety and stipulate that oversight of the programs cannot be delegated to vendors that provide the red light camera service.
When the
auditor reports on an incomplete presentation but one that is otherwise in accordance with generally accepted accounting principles (GAAP), the auditor should include an emphasis-of-matter paragraphs in the auditor's report that
The ABA's comment letter called for a revised definition of materiality for purposes of the internal control assessment, and for the SEC to encourage the PCAOB to eliminate one of the two overlapping
auditor reports on internal control that are required under AS2.
See the AICPA Audit and Accounting Guide State and Local Governments for illustrative
auditor reports.
The IAPC has long required that
auditor reports identify which country's accounting principles have been used in audited financial statements where that is not evident.
11) When management revises the financial statements and the
auditor reports on the revised financial statements, the new date (or the dual date) included in the auditor's report cannot be earlier than the date on which the auditor carried out the audit procedures necessary in the circumstances on the revision, including that the documentation has been reviewed and management has prepared and asserted that they have taken responsibility for the revised financial statements.
