After the audit report release date, auditors determine that an important auditing procedure was omitted. Which of the following initial courses of action is most appropriate?a. Perform the omitted procedure or an alternative procedure.b. Notify the board of directors and regulatory agencies that are currently relying on auditor’s reports.c. Determine whether the omitted procedure is important in supporting the auditor’s opinion on the entity’s financial statements.d. Engage another public accounting firm to conduct a quality assurance review.
After the audit report release date, auditors determine that an important auditing procedure was omitted. Which of the following initial courses of action is most appropriate?a. Perform the omitted procedure or an alternative procedure.b. Notify the board of directors and regulatory agencies that are currently relying on auditor’s reports.c. Determine whether the omitted procedure is important in supporting the auditor’s opinion on the entity’s financial statements.d. Engage another public accounting firm to conduct a quality assurance review.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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After the audit report release date, auditors determine that an important
a. Perform the omitted procedure or an alternative procedure.
b. Notify the board of directors and regulatory agencies that are currently relying on auditor’s reports.
c. Determine whether the omitted procedure is important in supporting the auditor’s opinion on the entity’s financial statements.
d. Engage another public accounting firm to conduct a quality assurance review.
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