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MGT321H5 (16)

lec 10

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University of Toronto Mississauga
Schneider, M

CLASS 10 Special Reports Last class 25 page handout See review section, p.1 Special considerations audits of single fss and specific elements, accounts or items of a fs Audit reports on financial information other than fss -Auditing one assertion only ex. Sales, lease payments agreement, Report contains 3 paragraphs: - introductory (agreement, statute, financial reporting framework), - scope, - opinion - reservation See example on p.2 Objective: to address appropriately the special considerations that are relevant to: a) the acceptance of the engagement, b) the planning and performance, c) forming an opinion See illustration on p.3 Special reports audit reports on compliance with agreements, statutes and regulations Bus company example from class. Standards remain the same, Competence is a new matter introduced by this special report When engaged to express an opinion on compliance, the auditor must: Include in the introductory paragraph: i) state that the compliance criteria has been audited, ii) identify the provisions, iii) describe any significant interpretations of provisions made by mgt iv) if previously audited in past periods, describe any change in significant interpretations v) any other relevant information vi) state that such compliance is responsibility of mgt vii) state that our responsibility is to express an opinion on this compliance based audit Scope paragraph must state that: i) audit was conducted in accordance to GAAP, ii) planned and performed to obtain reasonable assurance whether compliance was achieved by the entity iii) such audits include, examination (test basis), evaluating overall compliance, assessing accounting principles used and significant estimates Opinion paragraph expresses the auditors 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.
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