Search This Blog

Sunday, August 22, 2010

Comparatives (AAS 25/ SA 710)

1. Corresponding previous year figures;
2. Comparative Financial Statements
(1) vs. (2):
1. For CPYF, auditors report only refers to FS of current period;
2. For CFS, auditors report refers to each period for which FS are presented (i.e. auditors report covers preceding period also)
SA710/ AAS 25 applicable only to CPYF;
Also refer SA 510 (AAS 22);
Where prior period FS were audited, the auditors’ report should not specifically comment on CPYF because the auditors’ opinion is on the current period FS as a whole including corresponding figures;
In case the prior period FS are unaudited, the incoming auditor should state such fact in the auditor’s report

No comments:

Post a Comment