In short
An auditor's report on a public company under Public Company Accounting Oversight Board (PCAOB) standards states the year the firm began serving consecutively as the company's auditor.
Key takeaways
- It helps investors judge the length of the relationship.
- Reports under American Institute of Certified Public Accountants standards don't require it.
- The name of the engagement partner is disclosed separately, in a filing with the board.
Where it's tested
AUD: Audit Reports — study notes, a five-minute revision sheet and practice questions.
Practise: 3 questions
Question 1 of 3 · 0 answered
An auditor is unable to observe the physical inventory count or satisfy themselves through alternative procedures, and inventory represents 60% of total assets. What opinion is appropriate?