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Unformatted text preview: ider such matters when updating the
report on the financial statements of the prior period. For example, if auditors have previously qualified
their opinion or expressed an adverse opinion on financial statements of a prior period because of a
departure from generally accepted accounting principles, and the prior period financial statements are
restated in the current period to conform with generally accepted accounting principles, the auditor's
updated report on the financial statements of the prior period should indicate that the statements have
been restated and should express an unqualified opinion with respect to the restated financial statements.
Choice "b" is incorrect. The predecessor auditor generally would not change a previously issued opinion
when reissuing the audit report.
Choice "c" is incorrect. A difference of opinions between periods would not result in the auditor changing
the opinion on a previously issued audit report.
Choice "d" is incorrect. Restatement of financial sta...
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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