17 -- Reports—Other Modifications

17 -- Reports—Other Modifications - CPA...

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CPA AUDITING - STUDY UNIT 17 Reports Other Modifications: Core Concepts A. The independent auditor must make professional judgments about whether (s)he may serve as principal auditor and use the work and reports of other independent auditors who have audited the financial statements of one or more subsidiaries, divisions, branches, components, or investments included in the financial statements presented. 1. If the principal auditor assumes responsibility for the other auditor’s work, no reference should be made in the report to the other auditor’s work or report. 2. If the principal auditor decides not to assume the responsibility, the report should refer to the audit of the other auditor and should indicate clearly the division of responsibility . This reference is not a qualification of the opinion, but the three paragraphs of the standard report are modified. 3. Audit of a public company under the PCAOB’s AS 3. A principal auditor who has decided not to refer to the audit of the other auditor must, before the report release date, obtain,
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This note was uploaded on 08/29/2010 for the course CBEAM AUD taught by Professor Gleim during the Spring '10 term at De La Salle Lipa.

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17 -- Reports—Other Modifications - CPA...

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