Wiley Practitioner's Guide to GAAS 2022

42AU-C 810 Engagements to Report on Summary Financial Statements

• Scope
• Definitions of Terms
• Objectives of AU-C 810
• Requirements
  • Engagement Acceptance
  • Procedures
  • Written Representations
  • Auditor's Report
  • Restriction on Use or Alerting Readers to the Basis of Accounting
  • Unaudited Information Presented with Summary Financial Statements
  • Information in Documents Containing Summary Financial Statements
  • Auditor Association
• AU-C 810 Illustrations

SCOPE

AU-C 810 addresses the auditor's responsibilities when reporting separately on summary financial statements derived from financial statements audited by that same auditor. An auditor cannot report on summary financial statements unless the auditor has audited the financial statements from which the summary financial statements are derived. (AU-C 810.01)

DEFINITIONS OF TERMS

Source: AU-C 810.06. For definitions related to this standard, see Appendix A, “Definitions of Terms”: Applied criteria, Summary financial statements.

OBJECTIVES OF AU-C 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 ...