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Wiley Practitioner's Guide to GAAS 2018, 2nd Edition
book

Wiley Practitioner's Guide to GAAS 2018, 2nd Edition

by Joanne M. Flood
April 2018
Beginner to intermediate content levelBeginner to intermediate
880 pages
28h 54m
English
Wiley
Content preview from Wiley Practitioner's Guide to GAAS 2018, 2nd Edition

AU-C 725 Supplementary Information in Relation to The Financial Statements as a Whole

AU-C Original Pronouncements

Sources Statements on Auditing Standards (SASs) 119, 122, and 125.

AU-C Definition of Term

Source: AU-C 725.04

  1. Supplementary information. Information presented outside the basic financial statements, excluding required supplementary information that is not considered necessary for the financial statements to be fairly presented in accordance with the applicable financial reporting framework. Such information may be presented in a document containing the audited financial statements or separate from the financial statements.

Objectives of AU-C Section 725

AU-C Section 725.03 states that:

…the objectives of the auditor, when engaged to report on supplementary information in relation to the financial statements as a whole, are to

  1. evaluate the presentation of the supplementary information in relation to the financial statements as a whole and
  2. report on whether the supplementary information is fairly stated, in all material respects, in relation to the financial statements as a whole.

Requirements

An auditor should determine that all of the following conditions are met in order to determine whether supplementary information is fairly stated, in all material respects, in relation to the financial statements as a whole:

  • Source of material. The supplementary information was derived from the accounting records used to prepare the financial statements.
  • Period. ...
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Publisher Resources

ISBN: 9781119396482Purchase book