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Unformatted text preview: ng the prior year's
audit was omitted and there are persons currently relying on the auditor's report. The auditor most likely
would promptly apply the omitted procedure if:
a. A substantive approach to identified risks at the relevant level was used.
b. The auditor's working papers will be subject to postissuance review in connection with a peer review
c. The results of other procedures that were applied tend to compensate for the one omitted.
d. The omission of the procedure impairs the auditor's present ability to support the previously
Choice "d" is correct. If the omitted audit procedures impair the auditor's ability to support the previously
issued opinion, the auditor should promptly undertake to apply the omitted procedures (or alternative
Choice "a" is incorrect. The auditor's specific approach to identified risks at the relevant assertion level is
not relevant in evaluating whether an omitted audit procedure should be applied. This determinat...
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This note was uploaded on 06/14/2013 for the course ACCOUNTING audit cpa taught by Professor Becker during the Fall '12 term at Keller Graduate School of Management.
- Fall '12