Audit confusion?

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  • #3002484 Reply
    CPAHOPECPAHOPE
    Participant

    In the report of independent reRegistered Public accounting firm, the auditor audits each of 3 years of income, cash flow, and changes in equity. My assumption was that they only audit for 1 year. Am i missing something?

    AUD - 39
    BEC - 76
    FAR - 56
    REG - 79
    FAR 57,61,57,56 (F*)

    REG 54,49,69,66, 79

    AUD 39(lol)

    BEC 64,60,50(lol),70,67,71,76

    "Theres no limit unless you allow it"

    "Why not?"

    "I dont believe in limits"

    #3003009 Reply

    I haven't studied audit since last summer so hopefully someone else chimes in but I think it's because public SEC filers are required to present 3 years (2018, 19, 20) of financial statements so maybe that's why they say 3 years. It's an annual audit engagement but they audit the 3 most recent years I suppose.

    FAR - 76

    AUD - 89

    BEC - 84

    REG - 86

    #3003012 Reply
    CPAHOPECPAHOPE
    Participant

    @space mountain
    Your logic make sense, the auditors already have audited the previous years but they just have to present them along with the current one. As far as balance sheets, it make sense to audit both years since they are permanent accounts and require analytical procedures Thanks man!

    AUD - 39
    BEC - 76
    FAR - 56
    REG - 79
    FAR 57,61,57,56 (F*)

    REG 54,49,69,66, 79

    AUD 39(lol)

    BEC 64,60,50(lol),70,67,71,76

    "Theres no limit unless you allow it"

    "Why not?"

    "I dont believe in limits"

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