What is Other information (annual report)?
In short
Other information is financial and nonfinancial information, other than the financial statements and the auditor's report, included in the entity's annual report, such as a letter to shareholders.
Key takeaways
- The auditor reads it and considers whether it is materially inconsistent with the financial statements or the auditor's knowledge.
- The auditor doesn't express an opinion on it.
- If a material misstatement in it isn't corrected, the auditor describes it in the report or considers withdrawing.
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
The auditor concludes that other information in the client's annual report contains a material misstatement, and management refuses to correct it. The audited financial statements themselves are fairly presented. How is this reported under SAS No. 137?