Dual dating report
Many of you question about dating in independent’s auditor report and related issue. On other hand SAS 29, created a difference in responsibilities for types of reissued reports.If the client is furnished with additional copies of a previously issued report, the auditor has no responsibility to perform any procedures prior to reprinting the report unless the auditor has become aware of the need to adjust or make disclosure in the financial statements.However, if the financial statements are adjusted and disclosure of the event is made, or if no adjustment is made and the auditor qualifies his or her opinion, the procedures set forth in paragraph .05 should be followed.[As amended, effective September 2002, by Statement on Auditing Standards No.
Under ordinary conditions, the auditor should date his or her report as of the date of completion of fieldwork.
DUAL DATE is when a major event comes to the auditor's attention between the report date and issuance of the report; the financial statements may include the event as an adjustment or disclosure.
The auditor dual dates the audit report (as of the end of workpaper review, except footnote XX, which is dated later).
If the auditor dates the report as of the date of the subsequent event rather than dual dating the report he or she should extend the subsequent events review to that date.
When the auditor reissues the report and uses the original report date, he or she does not have to investigate or inquire about events affecting the financial statements reported on that may have occurred between the original date and the reissuance date.
: If the auditor is a continuing auditor, the report has to be updated.