in comparative FST, PY's misstatement is qualified by CA in CY. Can he qualify although the audit was not done by him in PY? and…….. in Corresponding fig. approach, does auditor need to mention in OMP that in PY some misstatements were found and its description?

1 answer

Ravi Staff May 22, 2018

when ever last year audit is not done or done by someone else we have to put OMP explaining 

  1. audit not conducted
  2. audit conducted by other firm + date of AR + type of opinion

OMP is required in both approaches 
in comparative FST approach, we have to report on CY & PY but if we did not conduct audit of last year we wont be able to report on last year and we will have to put OMP for LY even in Comparative FST approach
SA 710 gives us reporting approach, it doesnt ask us to do audit of PY


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