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Chaitanya Agrawal asked 1 year ago

IF a material fact becomes know after date of audit report but before issue of F/s and management accept to incorporate the change then if auditor amends the audit report he shall state that the audit report is amended.
Where is such statements to be given in EMP or OMP?

2 Answers
RaviRavi Staff answered 1 year ago

In above case auditor will issued new audit report on amended financial statement.

SA 560 doesn’t specifically required to put any para in this situation, as there was no miscommunication with outside parties. And such communication may confuse them.

So i will suggest, not to put any such para. But if its very important to inform users then we will have to give it in Other Matter Para.

RaviRavi Staff answered 1 year ago

EMP / OMP is required to highlight amendments other than amendment due to subsequent event (For Example Change in Accounting Policy), which management did while / along with revising financial statements because of subsequent events, and auditor has not examined them.

DD replied 1 year ago

Ok Thank you.

RaviRavi Staff replied 1 year ago

you will get mail, as it is answered

DD replied 1 year ago

How will I come to know my question has been answered?

I posted here for first time today.

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