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SAS
No. 41 Reporting
on Comparative Financial Statements |
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 Status |
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Issued by Auditing Standards Committee in Taiwan on 30 November,
2004. |
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Summary |
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The auditor should obtain sufficient appropriate audit evidence that
the comparative financial statements meet the requirements of the
generally accepted accounting principles. This involves the auditor
evaluating whether:
(a) Accounting policies of the prior period are consistent with
those of the current period
or whether appropriate adjustments and/or disclosures have been
made; and
(b) Prior period figures presented agree with the amounts and other
disclosures
presented in the prior period or whether appropriate adjustments and
disclosures
have been made. |
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When the financial statements of the prior period have been audited
by another auditor, the incoming auditor’s report should state that
the prior period was audited by another auditor, the type of report
issued by the predecessor auditor and if the report was modified,
the reasons therefor, and the date of that report. In addition, the
incoming auditor should evaluate whether the comparative financial
statements meet the above conditions and follow the guidance in SAS
21 Initial Engagements – Opening Balances. |
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When the financial statements of the prior period were not audited,
the incoming auditor should state in the auditor’s report that the
comparative financial statements are unaudited. In addition, the
incoming auditor should nonetheless evaluate whether the comparative
financial statements meet the above conditions and follow the
guidance in SAS 21 Initial Engagements – Opening Balances. |
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If the auditor becomes aware of a possible material misstatement in
the prior year figures when performing the current period audit, the
auditor performs such additional audit procedures as are appropriate
in the circumstances. |
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When the comparatives are presented as comparative financial
statements, the auditor should issue a report in which the
comparatives are specifically identified because the audit opinion
is expressed individually on the financial statements of each period
presented. |
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When reporting on the prior period financial statements in
connection with the current year’s audit, if the opinion on such
prior period financial statements is different from the opinion
previously expressed, the auditor should disclose the substantive
reasons for the different opinion in an emphasis of matter
paragraph. |
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 Effective
date
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This Statement is effective from 1 January, 2005. |
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