[smoothjazz]

Hi All,

Long time lurker gearing up for my 2nd crack at Audit. Just have a question to ask on limited report objective regarding public entities. I specifically remember hearing that this can not be done on a public audit.

Is this correct? I can’t seem to find this anywhere in the text.

Thanks in advance

[smoothjazz]

*To clarify, when you are asker to report on one F/S…

[Futile]

I am pretty sure this can be done. The PCAOB adopted all the SASs as interim standards and have tweaked only a few of them. AU 508 on reports is not one of them, from what I can tell. AU 508.33-34 deals with limited reporting engagements and says it is fine for the auditor to report on only one financial statement so long as his scope isn't restricted (i.e., he still has access to the information that would be on the other financial statements).

CPA exam: Done!

Thank You, Lord.

[smoothjazz]

Futile,

Thanks for the response. This clarified it.

My impression from my classes was that Public Audit Reports were all or nothing. That you must audit f/s + internal controls. I guess this is not completely true!

[Author]

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