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Swaraj Rajuswaraj raju asked 3 years ago
1 Answers
RaviRavi Staff answered 3 years ago

1. No need to take consent, before stating that previous year year audit report is audited by another auditor.
Example of OMP in such case
“The financial statements of the Company for the year ended March 31, 20X1, were audited by another auditor who expressed an unmodified opinion on those statements on June 30, 20X1.”
2. If there is misstatement in previous year company can either revise financial statement or pass rectification entry and treat it as proper period item.
Now for revision they will have to follow 131 and auditor will apply SA 560
If they treat it as prior period item just apply sa 710 and regular audit procedures

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