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Wiley Practitioner's Guide to GAAS 2023, 2nd Edition
book

Wiley Practitioner's Guide to GAAS 2023, 2nd Edition

by Joanne M. Flood
April 2023
Intermediate to advanced content levelIntermediate to advanced
1056 pages
34h 59m
English
Wiley
Content preview from Wiley Practitioner's Guide to GAAS 2023, 2nd Edition

36AU-C 720 Other Information in Documents Containing Audited Financial Statements

SCOPE

AU-C 720 offers auditors guidance on their responsibilities related to other information, financial or nonfinancial, in an entity's annual report. (AU-C 720.01)

Other information may include a report by management or those charged with governance on operations, financial summaries or highlights, employment data, planned capital expenditures, financial ratios, names of officers and directors, and selected quarterly data. (AU-C 720.A13)

DEFINITIONS OF TERMS

Source: AU-C 720.12. For definitions related to this standard, see Appendix A, “Definitions of Terms”: Annual report, Misstatement of the other information, Other information.

OBJECTIVES OF AU-C 720

AU-C 720.11 states that the objectives of the auditor, having read the other information, are to:

  • Consider whether a material inconsistency exists between the other information and the financial statements.
  • Remain alert for indications that:
    • A material inconsistency exists between the other information and the auditor's knowledge obtained in the audit or
    • A material misstatement of fact exists or the other information is otherwise misleading
  • Respond ...
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Publisher Resources

ISBN: 9781394152704Purchase Link