Adv Internal auditing summary 3

Adv Internal auditing summary 3 - Offering Documents: Under...

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Offering Documents: - Under securities legislation - Don’t issue written consent for inclusion of your report in prospectus unless req’d by legislation - Knowledge of internal controls req’d - Offering documents are prospectuses o It offers securities in exchange for cash, debt, assets - Prof. risk is high b/c of liabilities to 3 rd o Do you have the knowledge to do this, the insurance for remedies - There’s a preliminary prospectus to solicit interest o Consent would not be given until all procedures performed - FS may be audited o If so, GAAP statements req’d o Report is addressed to directors if included in prospectus - When FS aren’t audited, o Mark FS as UNAUDITED - When a company goes public o Client must contact auditor to get consent to use review… may require further audit procedures o Write a notice to board disclaiming responsibility How you’re not authorized to perform necessary work for consent
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This note was uploaded on 03/02/2012 for the course ACC 821 taught by Professor Caplan during the Spring '12 term at Ryerson.

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Adv Internal auditing summary 3 - Offering Documents: Under...

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