MGT321H5 Lecture Notes - Accounting, Engagement Letter, Financial Statement
Document Summary
Special considerations audits of single f/s"s and specific elements, accounts or items of a f/s. Audit reports on financial information other than f/s"s. Objective: to address appropriately the special considerations that are relevant to: the acceptance of the engagement, the planning and performance, forming an opinion. Special reports audit reports on compliance with agreements, statutes and regulations. Competence is a new matter introduced by this special report. When engaged to express an opinion on compliance, the auditor must: Opinion paragraph expresses the auditor"s opinion, in all material respects . If there is a change in any significant interpretation, and the change is adequately disclosed, the auditor may express an opinion without reservation. www. notesolution. com. Review engagement report: includes: introduction, disclaimer paragraph ( a review does not constitute an audit, negative assurance paragraph. A review on compliance with a agreements and regulations is also possible (versus an audit on compliance)
