Audit report dating

Few auditors appreciate the onerous procedures that a law firm must follow to respond to an audit enquiry.Surprisingly, we still regularly receive telephone calls from auditors (including those from the national firms) asking for a verbal update as to claims on the date of the Board meeting.

We are hopeful that, as each year goes by, audit enquiries become more and more consistent and in conformity with the Canadian accounting and auditing standards.We find the best way to overcome this is for the auditor to work more closely with the lawyers during the audit to ensure that the problems are identified and dealt with.Proper communication concerning the expectations of client, auditor and law firm is vital in creating stability to deal with this new standard for audits.Before the adoption of CAS 700, auditors would typically date their audit report as of the day the auditors left the client’s premises.Under the old rules this was considered the date of substantial completion of the audit.

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