In short
An auditor engaged to audit an entity's full financial statements can also report on summary financial statements derived from them, giving an opinion on whether they are consistent in all material respects with the audited statements.
Key takeaways
- The report is dated no earlier than the report on the full statements.
- It identifies the audited statements and states that the summary doesn't contain all required disclosures.
- A modified opinion on the full statements is described in the summary report.
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?