[Prior Period] Reissued vs. O-M

[AU-C 700] Present Comparatively with the Prior Period's

 

Reissued or o-m should be included in the report

 

■ 정의: Either the report on the unaudited statements should be reissued, or an other-matter paragraph should be included in the auditor’s report.

 

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Reissued

[AU-C 700] 비교연도(과거)의 것이 잘못됬으면 현상태에 맞게 업데이트 해야함.

 

A continuing auditor should update the report on the individual statements of one or more prior periods presented on a comparative basis. An updated report considers information of which the continuing auditor is aware as a result of the current audit. Furthermore, the updated report is issued in conjunction with the report on the current statements. For example, if the opinion was modified because of a material misstatement, and management revises the statements, the updated report expresses an unmodified opinion.

 

A nonissuer’s audited statements for the current period may be presented comparatively with the prior period’s reviewed or compiled statements.

 

When financial statements of a prior period are presented on a comparative basis with financial statements of the current period, the continuing auditor is responsible for updating the report on the previous financial statements regardless of the opinion previously expressed.

 

■ 예시:

 

-A material misstatement caused an adverse opinion on the prior year’s financial statements, and those statements have been properly restated.

 

 

 

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O-m 

 

If the prior period’s report is not reissued, the auditor’s current-period report should include an other-matter paragraph that states (1) the service performed in the prior period, (2) the date of the service, (3) a description of material modifications noted in the report, and (4) that the service was not an audit and did not provide a basis for an opinion.

 

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When the financial statements of a prior period have been compiled or reviewed by a predecessor whose report is not presented, the auditor should include an other-matter paragraph in the current-period report.

 

This paragraph should state (1) the service performed in the prior period, (2) the date of the report on that service, (3) material modifications noted in that report, and (4) that the service (a) was smaller in scope than an audit and (b) did not provide a basis for an opinion.