What is Required supplementary information?
In short
Required supplementary information is information a standard-setter requires to accompany the basic financial statements, such as management's discussion and analysis for governments, but that isn't part of them.
Key takeaways
- The auditor applies limited procedures, mainly inquiry and comparison with the financial statements, and expresses no opinion on it.
- The auditor's report includes an other-matter paragraph about it.
- If it is omitted or not presented as required, the report says so, but the opinion isn't modified.
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
Required supplementary information (RSI) prescribed by GASB is omitted by the client. The basic financial statements are fairly presented. What type of report should the auditor issue?