L20 Notes_Part_10 - immaterial, known auditor, planned work...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Audit Report: Other Auditor Does principal auditor wish to make reference to the other auditor’s work in the overall audit report? YES NO Does the principal auditor wish to name the other audit firm in the overall report? YES NO Perform one of more of the following procedures involving other auditor: 1. Visit 2. Review audit program 3. Review work papers 4. Do additional audit procedures Issue Standard Report Give appropriate $ audited by other auditor (total assets, revenues etc.) in overall audit report 1. Give appropriate $ audited by other auditor 2. Obtain other auditor’s permission to name 3. Present other auditor’s report
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Other Auditor: Reporting Options A. Assumes responsibility (all responsibility) -> unqualified
Background image of page 2
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: immaterial, known auditor, planned work or highly supervised, affiliated with prinicipal, other auditor hired by principal B. shared responsibility -> unqualified with modified wording clearly indicate the division of responsibility in the introductory paragraph (assets or percentages, sub audited) all three paragraphs are modified dont refer to the name of the other audit firm unless they grant permission and their report is also presented material, impractical to review, not to be seen as negative C. no responsibility taken -> qualified or disclaimer ] D. assessment of other auditor and situation (%) 1. independent 2. professionally reputation 3. quality of other auditors work...
View Full Document

This note was uploaded on 10/05/2011 for the course ACG 5637 taught by Professor Monikacaushoulli during the Fall '08 term at University of Florida.

Page1 / 2

L20 Notes_Part_10 - immaterial, known auditor, planned work...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online