ABS Seeks Feedback Specific to Auditor's Reports
By Terri Eyden
- Additional information in the auditor's report to highlight matters that, in the auditor's judgment, are likely to be most important to users' understanding of the audited financial statements or the audit, referred to as "Auditor Commentary." This information would be required for PIEs - which includes, at a minimum, listed entities - and could be provided at the discretion of the auditor for other entities.
- Auditor conclusion on the appropriateness of management's use of the going concern assumption in preparing the financial statements and an explicit statement as to whether material uncertainties in relation to going concern have been identified.
- Auditor statement as to whether any material inconsistencies between the audited financial statements and other information have been identified based on the auditor's reading of other information, and specific identification of the information considered by the auditor.
- Prominent placement of the auditor's opinion and other entity-specific information in the auditor's report.
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