April 2022
Intermediate to advanced
1056 pages
34h 59m
English
Content preview from Wiley Practitioner's Guide to GAAS 2022
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35AU-C 708 Consistency of Financial Statements
SCOPE
AU-C 708 offers the auditor guidance on how to evaluate and address in the report inconsistencies of financial statements between periods. The Section also addresses changes to previously issued statements. (AU-C 708.01)
DEFINITION OF TERM
Source: AU-C 708.04. For the definition related to this standard, see Appendix A, “Definitions of Terms”: Current period.
OBJECTIVES OF AU-C SECTION 708
The objectives of the auditor are to
- evaluate the consistency of the financial statements for the periods presented; and
- communicate appropriately in the auditor's report when the comparability of financial statements between periods has been materially affected by a change in accounting principle or by adjustments to correct a material misstatement in previously issued financial statements.
(AU-C Section 708.03)
REQUIREMENTS
CONSISTENCY IMPLICATION OF AUDITOR'S STANDARD REPORT
According to AU-C 708.05, the auditor must be satisfied that the comparability of financial statements between periods has not been materially affected by adjustments to correct a material misstatement in previously issued financial statements or by changes in accounting principles and that such principles ...
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