AUD Prep: FYI
Comparative Financial Statements

1. The report should refer to each applicable period for which financial statements are presented. (The type of engagement need not be the same for each period presented. For example, one period might be a compilation and another period might be a review; or one period might be a review and another period might be an audit.)

2. A continuing accountant should update the report on any prior periods' financial statements that are presented along with the current period.

Question

FYI
Comparative Financial Statements

1. The report should refer to each applicable period for which financial statements are presented. (The type of engagement need not be the same for each period presented. For example, one period might be a compilation and another period might be a review; or one period might be a review and another period might be an audit.)

2. A continuing accountant should update the report on any prior periods' financial statements that are presented along with the current period.

Monique Tyler · Accepted Answer

Reporting when the prior period was audited—If the audit report on the prior period's financial statements is not presented, the review report should include an “other-matter” paragraph to indicate that the prior period's financials were audited; to identify the date of that audit report and the type of opinion expressed (and the reasons for any modifications); and to state that no audit procedures were performed after the date of the audit report.

AUD Prep

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