Chapter 28 Reporting on Audited Financial Statements.docx
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Chapter28ReportingonAuditedFinancialStatements
BrowseLocation:
UnitedStates\PwCMaterial\Montgomery'sAuditing,TwelfthEdition\Part4:
CompletingtheWorkandReportingtheResults
PublishDate:
25June,2001
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28
ReportingonAuditedFinancialStatements
28.1THEREPORTINGFRAMEWORK:
CATEGORIESOFACCOUNTANTS'REPORTS
28.2AUDITORS'REPORTS:
STANDARDREPORTS
(a)OrganizationandWording,
(i)Title,
(ii)IntroductoryParagraph,
(iii)ScopeParagraph,
(iv)OpinionParagraph,
(b)HistoryoftheStandardReport,
(c)TheMeaningofFairPresentationinConformitywithGAAP,
(d)RoutineVariationsintheStandardReport,
(i)AddressingtheReport,
(ii)IdentifyingtheStatements,
(iii)PeriodsCovered,
(iv)DatingtheReport,
28.3EXPLANATORYLANGUAGEADDEDTOTHESTANDARDREPORT
(a)OpinionBasedinPartonReportofAnotherAuditor,
(b)DeparturesfromaPromulgatedAccountingPrinciplewithWhichanAuditorAgrees,
(c)PredecessorAuditor'sReportPresentedversusNotPresented,
(d)MaterialInconsistencyBetweenFinancialStatementsandOtherInformationReportedbyManagement,
(e)SupplementaryInformationRequiredbyFASBorGASBPronouncements,
(f)GoingConcernUncertainties,
(g)LackofConsistency,
(i)IdentifyingChangesinAccountingPrinciples,
(ii)JustificationforChangesinAccountingPrinciples,
(iii)CorrectionofErrors,
(h)EmphasisofaMatter,
28.4DEPARTURESFROMUNQUALIFIEDOPINIONS
(a)QualifiedOpinions,
(i)ScopeLimitations,
(1)CircumstancesPrecludingNecessaryAuditingProcedures,
(2)Client-ImposedRestrictions,
(ii)DeparturesfromGAAP,
(1)DeparturesfromMeasurementPrinciples,
(2)DeparturesfromDisclosurePrinciples,
(3)DeparturesRelatingtoAccountingChanges,
(b)AdverseOpinions,
(c)DisclaimersofOpinion,
(d)PiecemealOpinions,
(e)AdverseOpinionsVersusDisclaimers,
(f)DistinguishingAmongSituationsInvolvingScopeLimitations,Uncertainties,andDeparturesfromGAAP,
(g)DifferentReportsonComparativeFinancialStatementsPresented,
28.5SUMMARY:
PRINCIPALVARIATIONSFROMSTANDARDREPORTS
28.6RESPONSIBILITIESAFTERTHEREPORTDATE
(a)DiscoveryofInformationAftertheReportDate,
(b)ConsiderationofOmittedProceduresAftertheReportDate,
28.1THEREPORTINGFRAMEWORK:
CATEGORIESOFACCOUNTANTS'REPORTS
Anaccountant'sreportistheformalexternallyfocusedresultofalltheeffortthatgoesintoanengagement.Therealsoaremanyotherresults-forexample,thedirectandindirectimpactofanauditonanentity'scontrol,accountability,andpublicreportingpracticesandtheinformalcommunicationthatalsomayoccur.Guidanceonpreparingaccountants'reportscanbefoundinStatementsonAuditingStandards(SASs),StatementsonStandardsforAccountingandReviewServices(SSARSs),andStatementsonStandardsforAttestationEngagements(SSAEs),whichroughlycorrespondtothebroadtypesofengagements-auditsoffinancialstatementsandotherfinancialinformation,compilationsandreviewsoffinancialstatements,andattestengagements.
Theauthoritativeliteratureisnotpreciseindifferentiatingthedifferenttypesofpossibleengagements.Conceptually,anyengagementinwhichanaccountantexpressesaconclusionaboutthereliabilityofinformationthatistheresponsibilityofanotherpartyisanattestengagement,withauditsandreviewsbeingsubsetsofattestengagements.(Compilationsarenotattestengagements,sincetheaccountantdoesnotexpressaconclusionwhenperformingacompilation.)Historically,however,theauthoritativeliteratureapplicabletoauditswasdevelopedbeforetheprofessiondelineatedtheconceptofattestengagements.Whenperformanceandreportingguidanceforattestengagementsthatclearlyarenotaudits(suchasreviewsofinterimfinancialinformation)wasneeded,itwasincorporatedintotheauthoritativeauditingliterature-theonlyavailablevehicleatthetime.Moreover,itwasnottransferredtotheattestliteraturewhenthatliteraturewasdeveloped.Asaresult,thelinebetweenauditsandattestengagementsintheprofessionalliteratureisunclear.
Inrecentyears,"businessassurance"and"assurancefunction"havecometobeusedasumbrellatermstodescribetheservicesthataccountantsperforminaudits,reviews,andattestengagements,thatis,engagementsinwhichtheaccountantexpressesanopinionaboutthereliabilityofspecifiedinformation.Whenperformingthoseservices,accountantsaresaidtobeprovidersofassurance.Thepreviouschaptersofthisbookandthespecializedindustrychaptersthatfollowdiscusshowauditsoffinancialstatementsareperformed.ThischapterandChapters29through31discusshowaccountantsreportontheconclusionstheyhavereachedinauditandotherengagementsthatprovideassurance(andalsoinengagementstocompilefinancialstatements,whichdonotprovideassurance).
Thischapterdiscussesreportsonauditsoffinancialstatementspreparedinconformitywithgenerallyacceptedaccountingprinciples;thosereports-referredtoasauditreportsorauditors'reports-arecoveredbytheSASs.Chapter29discussesreportsonothertypesofauditengagements,forexample,reportsonfinancialstatementspreparedonanon-GAAPbasisofaccountingandreportsonpartsofafinancialstatement.ThosereportsalsoarecoveredbytheSASs.Chapter30discussesreportingonengagementstocompilefinancialstatementsandtoreviewfinancialstatements,bothofwhicharecoveredbytheSSARSs.Chapter30alsodiscussesothernonauditassuranceservices-forexample,reviewsofinterimfinancialinformationandagreed-uponproceduresengagementssuchasthosethatresultinspecificassurancestounderwriters-thatarecoveredbytheSASs.Chapter31discussestheperformanceandreportingguidanceonattestengagementsthatarecoveredbytheSSAEs.Thoseengagementsencompasscertaintypesofassuranceservicesthatdonotinvolveaudits,reviews,orotherservicesthatarecoveredbytheSASsorSSARSs.
28.2AUDITORS'REPORTS:
STANDARDREPORTS
Thischaptercoversthestandardauditor'sreport(oftencalledanunqualifiedor"clean"reportoropinion),mattersthatrequireexplicitattentioninissuinganauditor'sreport,andvariationsfromthestandardreport.Thosevariationsfallintotwocategories:
explanatorylanguageinthestandardreportthatdoesnotqualifytheauditor'sopinion,anddeparturesfromthestandardreporttoexpressotherthananunqualifiedopinion.Thethreetypesofdeparturesfromunqualifiedopinions-qualifiedopinions,adverseopinions,anddisclaimersofopinion-whateachconveys,andthecircumstancesinwhicheachisappropriateareexaminedindetail,withillustrations.Thechapteralsoincludesadiscussionoftheauditor'sresponsibilitiesafterthereportdate.
Theauditor'sreportthatappearsinFigure28.1indicatesthewordingofthestandardreportprescribedbySASNo.58,ReportsonAuditedFinancialStatements(AUSection508).
(a)OrganizationandWording
Thefollowingparagraphsexplainthelanguageusedinthestandardreportanditsorganization.
(i)Title.Thetitleshouldincludetheword"independent,"asinthephrase"IndependentAuditor'sReport."Thisisintendedtoremindthereaderofthecredibilityanauditaddstothefinancialstatementsbecauseoftheauditor'sindependence.
(ii)IntroductoryParagraph.Theopeningparagraphofthereportidentifiesthefinancialstatementsthatwereauditedandstatesthatmanagementisresponsibleforthem.1Theauditor'sresponsibilityistogiveanopiniononthosestatementsbasedontheresultsoftheaudit.Thephrase"wehaveaudited"impliesthattheauditorisprovidingthehighestlevelofassurancethatcanbegiven.(Lowerlevelsofassurancecanbeprovidedinothertypesofengagements,suchas"reviews.")Theintroductoryparagraphalsospecifiesthedatesofandperiodscoveredbythefinancialstatementsthatwereaudited.
Itisimportantthatthereaderofthedocumentinwhichthefinancialstatementsappearknowpreciselywhatiscoveredbytheauditor'sreportand,byinference,whatisnot.Sinceanannualreportorprospectuscontainsmuchmorethanthefinancialstatements,thereadermustbetoldspecificallywhathasbeenaudited(thefinancialstatementsandtherelatednotesthatare,asstatedoneachpageofthebodyofthefinancialstatements,an"integralpartofthefinancialstatements")andwhat,byimplication,hasnotbeenaudited,suchastheletterfromthepresidentandchairmanoftheboard,financialratios,andinformationaboutstockprices.Sometimestherewillbeareferencetothepagenumberscontaininginformationcoveredbytheauditor'sreport.
(iii)ScopeParagraph.Thescopeparagraphdescribestheauditor'sbasisforformingtheopiniononthefinancialstatements.TellingthereaderthattheauditwasconductedinaccordancewithauditingstandardsgenerallyacceptedintheUnitedStatesofAmericaistheequivalentofsayingthattheauditorhascompliedwiththestandardsestablishedbytheAmericanInstituteofCertifiedPublicAccountantsforperforminganaudit.Theauditor'sobjectiveinperforminganauditistoobtainenoughevidencetoenablehimorhertoprovidereasonable,butnotabsolute,assurancethatthefinancialstatementsdonotcontainmaterialmisstatements.(Amisstatementisconsideredmaterialifitisprobablethatthejudgmentofareasonablepersonrelyingonthefinancialstatementswouldhavebeenchangedorinfluencedbythemisstatement.MaterialityisdiscussedfurtherinChapter6ofthemainvol