Generally accepted auditing standards sas ssars ssaes
Unqualified Opinion with Additional ParagraphĮven before SAS 58, an auditor could issue an unqualified opinion with
GENERALLY ACCEPTED AUDITING STANDARDS SAS SSARS SSAES FREE
Whether the financial statements are free of material misstatement. However, it contains an extended explanation of an audit andĪcknowledges that an audit provides only reasonable assurance about TheĮxpanded scope paragraph continues to specify the performance of theĪudit in accordance with generally accepted auditing standards (GAAS). The opening paragraph differentiatesīetween the responsibilities of management and the auditor for theįinancial statements and refers to the new cash flow statement. In Exhibit 1, a title such as "Independent Auditor's Report" is requiredĪs part of the standard report. Of the auditor and the nature of the auditing process. The new report is designed to more clearly convey the responsibilities These uncertainties included issuesĬoncerning the continued existence of an entity. Outcome of which were not susceptible to reasonable estimation at theĭate of the auditor's report. Statements were affected by uncertainties concerning future events, the Previously, a "subject to" qualification was issued when the financial SAS 58 also repeals the use of a "subject to" qualified opinion. One acceptable principle to another acceptable principle no longer
For example,īecause consistency in application of GAAP is implied, the change from The circumstances for the issuance of and the format for a qualified,Īdverse, or disclaimer of opinion are altered by SAS 58. Report, an explanatory fourth paragraph may be added without affecting In what may prove to be a more frequent modification to the new SuchĬonsistency is now implicit, not explicit as in the former standard (introductory) paragraph, a substantially revised scope paragraph, andĪn altered opinion paragraph which makes no reference to consistentĪpplication of generally accepted accounting principles (GAAP). Generally, the standard unqualified report contains a new opening New report and the possible modifications to it. The purpose of this article is to review the Effective for reports issued or reissuedĪfter January 1, 1989, the current two-paragraph report is replaced by a On Audited Financial Statements," which provides for a new standardĪuditor's report (Exhibit 1). So-called "expectation gap," the ASB recently issued SAS 58, "Reporting In response to various pressures including the report of the NationalĬommission on Fraudulent Reporting (i.e., "Treadway Commission") and the The report has also been redesigned to more clearly reveal the responsibilities of the auditor and the aspects of the auditing process. The general unqualified report has a new opening paragraph, a changed scope paragraph, and an altered opinion paragraph.
(statement of auditing standards) by Sumutka, Alan R.Ībstract- The Auditing Standards Board has issued a Statement of Auditing Standards relating to reporting on audited financial statements which suggests a new standard auditor's report. Jan 1989 Implementing SAS 58: reports on audited financial statements.