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Update

If an auditor notices events that affect financial statements on which an audit report has been issued, they are considered when updating the report on the prior statements. If those statements are changed, the report says they have been restated and expresses the appropriate opinion. If an updated opinion differs from the previous opinion, an explanatory paragraph preceding the opinion paragraph explains that the report has been updated, discloses the date and type of opinion previously expressed, and events that caused the revision.

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  • Part of Speech: noun
  • Synonym(s):
  • Blossary:
  • Industry/Domain: Accounting
  • Category: Auditing
  • Company: AIS
  • Product:
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