Dating reissued financial statements
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.
In May 2009, FASB issued Statement of Financial Accounting Standards (FAS) No.
There were amazing things happening: ~ prohibition was theoretically the law, but alcohol consumption actually increased ~ there were devastating flooding along the Mississippi and its tributaries in 1927, and an area the size of Scotland was under water ~ cars, radio and movies came of age, and television was invented ~ The Ku Klux Klan had a major revival, and bigotry and racism were rampant ~ anarchists Sacco and Vanzetti were convicted of murder in 1920 and executed seven years later despite world-wide condemnation ~ it was a time for flappers, jazz men, crime bosses and prophets.
Be sure that your independent auditor considers possible accounting alternatives to a restatement, like a cumulative catch-up.
Also, you need to understand why the problems occurred; evidence of fraud, for example, will surely call for additional action.
This report provides additional details on five material weaknesses, four significant deficiencies, and four instances of noncompliance with applicable financial management laws and regulations.
Details of the results of our audit of HUD’s component entities, the Federal Housing Administration and Government National Mortgage Association (Ginnie Mae), can be found in separate audit reports.
Nonrecognized subsequent events aren’t recognized, but may need to be disclosed to prevent financial statements from being misleading.