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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 810 Engagements to Report on Summary Financial Statements

AU-C Original Pronouncement

Source Statement on Auditing Standards (SAS) 122.

Definitions of Terms

Source: AU-C 810.06

  1. Applied criteria. The criteria applied by management in the preparation of the summary financial statements.
  2. Summary financial statements. Historical financial information that is derived from financial statements but that contains less detail than the financial statements, while still providing a structured representation consistent with that provided by the financial statements of the entity's economic resources or obligations at a point in time or the changes therein for a period of time. Summary financial statements are separately presented and are not presented as comparative information.

Objectives of AU-C Section 810

AU-C Section 810.05 states that:

…the objectives of the auditor are

  1. to determine whether it is appropriate to accept the engagement to report on summary financial statements and,
  2. if engaged to report on summary financial statements, to
    1. perform the procedures necessary as the basis for the auditor's opinion on the summary financial statements;
    2. form an opinion on whether the summary financial statements are consistent, in all material respects, with the audited financial statements from which they have been derived, in accordance with the applied criteria, based on an evaluation of the conclusions drawn from the evidence obtained; and
    3. express clearly that opinion through ...
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Publisher Resources

ISBN: 9781119396482Purchase book