Dating reissued financial statements

11-Jun-2018 09:54 by 6 Comments

Dating reissued financial statements

Errors may also be discovered by third parties during standard examinations of a company’s business practices and reporting standards.

In the latter instance, the independent auditor's responsibility for subsequent events extends to the later report date and, accordingly, the procedures outlined in section 560.12 generally should be extended to that date.

A negative restatement often shakes investors' confidence and causes the stock's price to decline.

If an issue or error is found that affects part of the document, or the document as a whole, a restatement is often required.

[As amended, effective September 2002, by Statement on Auditing Standards No. For audits of fiscal years beginning before December 15, 2010, click here.] The independent auditor has two methods for dating the report when a subsequent event disclosed in the financial statements occurs after the auditor has obtained sufficient appropriate evidence on which to base his or her opinion, but before the issuance of the related financial statements.

98.] [The following paragraph is effective for audits of fiscal years beginning on or after December 15, 2010. The auditor may use "dual dating," for example, "February 16, 20__, except for Note __, as to which the date is March 1, 20__," or may date the report as of the later date.

Use of the original report date in a reissued report removes any implication that records, transactions, or events after that date have been examined or reviewed.

In such cases, the independent auditor has no responsibility to make further investigation or inquiry as to events which may have occurred during the period between the original report date and the date of the release of additional reports.

Note: If the auditor concludes that a scope limitation will prevent the auditor from obtaining the reasonable assurance necessary to express an opinion on the financial statements, then the auditor's report date is the date that the auditor has obtained sufficient appropriate evidence to support the representations in the auditor's report.

The auditor has no responsibility to make any inquiry or carry out any auditing procedures for the period after the date of his report.

Changes in certain financial estimates are not required, as these are based on anticipated events and not ones that have already occurred.

These changes must only be reported on the next financial statement after the change is made and are not applied retroactively.

However, see section 711 as to an auditor's responsibility when his report is included in a registration statement filed under the Securities Act of 1933 and see section 508.70–.73, for the predecessor auditor's responsibility when reissuing or consenting to the reuse of a report previously issued on the financial statements of a prior period.

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