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The application of the principles addressed will depend upon the particular facts and circumstances of each individual case.
Accordingly, this publication is not a substitute for professional advice and we recommend that any decisions you take about the application or not of any of the information presented be made in consultation with a qualified professional who can address any variance that may be required to reflect your circumstances.
However, if the financial statements are adjusted and disclosure of the event is made, or if no adjustment is made and the auditor qualifies his or her opinion, the procedures set forth in paragraph .05 should be followed.
[As amended, effective September 2002, by Statement on Auditing Standards No.
In Canada, the new and revised auditor reporting standards are effective for audits of financial statements for periods ending on or after December 15, 2018. The effective date for key audit matters reporting for exchange-listed entities will be decided at a future AASB meeting.
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.
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.
An independent auditor may reissue his report on financial statements contained in annual reports filed with the Securities and Exchange Commission or other regulatory agencies or in a document he submits to his client or to others that contains information in addition to the client's basic financial statements subsequent to the date of his original report on the basic financial statements.
An independent auditor may also be requested by his client to furnish additional copies of a previously issued report.
These standards were developed in response to requests from users of audited financial statements for a more informative auditor’s report that includes communication of significant matters in the financial statements and the conduct of the audit.