The significance of Dating of Report
The audit report is the auditor’s formal means of communicating to interested parties a conclusion about the audited financial statements. The main objective of an audit is to enable an auditor to report to the members of the company with regard to the truth and fairness of the financial statements and other records of the company.
The significance of the audit report date is that it is the cut-off point for an auditor’s responsibility to be informed about events and transactions that occur after the date of the financial statements but that have a material effect on those statements
The significance of Audit Report Date –
- Last day of fieldwork,
- Last day responsible for detecting subsequent events,
- Dual dating; used when financial statements revised for subsequent fieldwork date but before report release.