Wiley Practitioner's Guide to GAAS 2020

40AU-C 810 Engagements to Report on Summary Financial Statements

Scope

Definitions of Terms

Objectives of AU-C Section 810

Requirements

Engagement Acceptance

Procedures

AU-C 810 Illustrations (Source: AU-C 810.A22)

Illustration 1. An Unmodified Opinion Is Expressed on the Summary Financial Statements (the Auditor’s Report on the Summary Financial Statements Is Dated Later Than the Date of the Auditor’s Report on the Financial Statements from Which the Summary Financial Statements Are Derived)47

Illustration 2. An Unmodified Opinion Is Expressed on the Summary Financial Statements and a Qualified Opinion Is Expressed on the Audited Financial Statements

Illustration 3. An Adverse Opinion Is Expressed on the Audited Financial Statements (as a Result of the Adverse Opinion on the Audited Financial Statements, It Is Inappropriate to Express, and the Auditor Does Not Express, an Opinion on the Summary Financial Statements)

Illustration 4. An Adverse Opinion Is Expressed on the Summary Financial Statements Because They Are Not Consistent, in All Material Respects, with the Audited Financial Statements, in Accordance with the Applied Criteria

SCOPE

AU-C 810 addresses the auditor’s responsibilities when reporting on summary financial statements derived from financial statements audited by that same auditor. Accordingly, an auditor cannot report on summary financial statements unless the auditor has audited the financial statements from which the summary financial statements are derived. ...