[KNVB]

Currently studying audit and in the special considerations chapter where it focuses on other types of engagements. Engagements to report of Summary FS and determine whether they are consistent with the audited FS from which they have been derived.

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[Machofinger]

Hello I'm having trouble understanding the following MQC.

An auditor may report on summary financial statements that are derived from complete financial statements if the:

a. Summary financial statements are presented in comparative form with the prior year's summary financial statements.

b. Summary financial statements are distributed to stockholders along with the complete financial statements.

c. Auditor describes the additional procedures performed on the summary financial statements.

d. Auditor indicates whether the information in the summary financial statements is fairly stated in all material respects in relation to the complete financial statements from which it has been derived.

The answer is D, but the book says for summary financial statements when the auditor concludes that an unmodified opinion is appropriate, the opinion should state that the summary financial statements are CONSISTENT in all material respects, with the audited financial statements from which they have been derived, in accordance with the applied criteria.

Shouldn't the opinion use the word “consistent” rather than “fairly stated?”

[CPAHOPE]

Yeah, they should use the word consistent and not fairly stated for summary financial statements. Possibly an error i assume?

[Author]

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