CHAPTER 24
Independent Audits
24.1 Functions and Limitations
(a) Auditor's Opinion Explained
*(i) Identification of Statements
(ii) Responsibility for Statements and the Audit Thereof
*(vi) Accounting Principles Followed
*(b) Adequacy of Internal Control over Contributions
24.2 Benefits of an Independent Audit
(e) Open Communications between the Auditors and Those Charged with Governance
24.1 Functions and Limitations
p. 428, second paragraph, eighth sentence. Replace “maybe” with “may be.”
(a) Auditor's Opinion Explained
*p. 428, first paragraph. Add the following to the end of the paragraph:
For the years ended after December 31, 2012, the Auditing Standards Board redrafted the opinions to more clearly state the objectives of the auditor and the requirements with which the auditor has to comply when conducting an audit in accordance with GAAS. Exhibit 24.1 reflects the update under the AICPA clarity standards.
*(i) IDENTIFICATION OF STATEMENTS
p. 428. First sentence after heading should read:
“We have audited the accompanying financial statements of Organization X, which comprise the statements of financial position and the related statements of activities and changes in net assets and cash flows. . . .”
EXHIBIT 24.1 Independent Auditor's Report
(ii) RESPONSIBILITY FOR STATEMENTS AND THE AUDIT THEREOF
*p. 429, first sentence ...
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