What is the report release date in auditing?
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For issuers, the audit team must complete all audit documentation within 45 days from the date the audit report is issued. Prior to the audit report date, the audit team should have completed all of the key audit procedures to support their audit opinion. The 45 days is mainly used to finalize the current and permanent file. Very little audit work, if any, should be performed after the date of the audit report. Most audit firms have procedures in place to prevent audit documentation from being modified after the audit report date. Back To All Questions You might also be interested in... How long does the audit team need to retain documentationOnce the auditors have completed their workpapers for a given client, they must retain that audit documentation for a certain period of time. The retention requirements of audit documentation are 5 years for nonissuers and 7 years for issuers. The start date is based on the report release date. The report release date is when... What is the current audit file?The audit team will need to maintain a current file and a permanent file. The current audit file is used to maintain audit documentation specific to the current year and would not necessarily be useful in future audits. This would include audit reports, financial statements, representation letters, etc. What is the difference between the permanent and current audit file (universal cpa review)?The current audit file is used to store documentation that is applicable to the current year audit only. If the document will likely be needed in future audits, then the document should be placed in the permanent audit file. The visual below illustrates the items that are commonly stored in the current file vs the... The following auditing standard is not the current version and does not reflect any amendments effective on or after December 31, 2016. The current version of the auditing standards can be found here.
Source: SAS No. 1, section 530; SAS No. 29; SAS No. 98.Issue date, unless otherwise indicated: November, 1972..01[The following paragraph is effective for audits of fiscal years beginning on or after December 15, 2010. See PCAOB Release No. 2010-004. For audits of fiscal years beginning before December 15, 2010, click here.] The auditor should date the audit report no earlier than the date on which the auditor has obtained sufficient appropriate evidence to support the auditor's opinion. Paragraph .05 describes the procedure to be followed when a subsequent event occurring after the report date is disclosed in the financial statements. Note: When performing an integrated audit of financial statements and internal control over financial reporting, the auditor's reports on the company's financial statements and on internal control over financial reporting should be dated the same date. Note: If the auditor concludes that a scope limitation will prevent the auditor from obtaining the reasonable assurance necessary to express an opinion on the financial statements, then the auditor's report date is the date that the auditor has obtained sufficient appropriate evidence to support the representations in the auditor's report. .02The auditor has no responsibility to make any inquiry or carry out any auditing procedures for the period after the date of his report. fn 1 However, with respect to filings under the Securities Act of 1933, reference should be made to section 711.10-.13. fn * Events Occurring After the Date of the Independent Auditor's Report But Before Issuance of Report.03In case a subsequent event of the type requiring adjustment of the financial statements (as discussed in section 560.03) occurs after the date of the independent auditor's report but before the issuance of the related financial statements, and the event comes to the attention of the auditor, the financial statements should be adjusted or the auditor should qualify his or her opinion. fn 2 When the adjustment is made without disclosure of the event, the report ordinarily should be dated in accordance with paragraph .01. However, if the financial statements are adjusted and disclosure of the event is made, or if no adjustment is made and the auditor qualifies his or her opinion, fn 3 the procedures set forth in paragraph .05 should be followed. [As amended, effective September 2002, by Statement on Auditing Standards No. 98.] .04In case a subsequent event of the type requiring disclosure (as discussed in section 560.05) occurs after the date of the auditor's report but before the issuance of the related financial statements, and the event comes to the attention of the auditor, it should be disclosed in a note to the financial statements or the auditor should qualify his or her opinion. fn 4 If disclosure of the event is made, either in a note or in the auditor's report, the auditor would date the report as set forth in the following paragraph. [As amended, effective September 2002, by Statement on Auditing Standards No. 98.] .05[The following paragraph is effective for audits of fiscal years beginning on or after December 15, 2010. See PCAOB Release No. 2010-004. For audits of fiscal years beginning before December 15, 2010, click here.] The independent auditor has two methods for dating the report when a subsequent event disclosed in the financial statements occurs after the auditor has obtained sufficient appropriate evidence on which to base his or her opinion, but before the issuance of the related financial statements. The auditor may use "dual dating," for example, "February 16, 20__, except for Note __, as to which the date is March 1, 20__," or may date the report as of the later date. In the former instance, the responsibility for events occurring subsequent to the original report date is limited to the specific event referred to in the note (or otherwise disclosed). In the latter instance, the independent auditor's responsibility for subsequent events extends to the later report date and, accordingly, the procedures outlined in section 560.12 generally should be extended to that date. Reissuance of the Independent Auditor's Report.06[The following paragraph is effective for audits of fiscal years ending on or after June 1, 2014. See PCAOB Release No. 2013-008. For audits of fiscal years ending before June 1, 2014, click here.] An independent auditor may reissue his report on financial statements contained in annual reports filed with the Securities and Exchange Commission or other regulatory agencies or in a document he submits to his client or to others that contains information in addition to the client's basic financial statements subsequent to the date of his original report on the basic financial statements. An independent auditor may also be requested by his client to furnish additional copies of a previously issued report. Use of the original report date in a reissued report removes any implication that records, transactions, or events after that date have been examined or reviewed. In such cases, the independent auditor has no responsibility to make further investigation or inquiry as to events which may have occurred during the period between the original report date and the date of the release of additional reports. However, see section 711fn * as to an auditor's responsibility when his report is included in a registration statement filed under the Securities Act of 1933 and see section 508.70–.73, for the predecessor auditor's responsibility when reissuing or consenting to the reuse of a report previously issued on the financial statements of a prior period. [As modified, effective December 31, 1980, by SAS No. 29.] .07In some cases, it may not be desirable for the independent auditor to reissue his report in the circumstances described in paragraph .06 because he has become aware of an event that occurred subsequent to the date of his original report that requires adjustment or disclosure in the financial statements. In such cases, adjustment with disclosure or disclosure alone should be made as described in section 560.08. The independent auditor should consider the effect of these matters on his opinion and he should date his report in accordance with the procedures described in paragraph .05. .08However, if an event of the type requiring disclosure only (as discussed in section 560.05 and 560.08) occurs between the date of the independent auditor's original report and the date of the reissuance of such report, and if the event comes to the attention of the independent auditor, the event may be disclosed in a separate note to the financial statements captioned somewhat as follows: Event (Unaudited) Subsequent to the Date of the Under these circumstances, the report of the independent auditor would carry the same date used in the original report. What does audit date mean?Audit Date means the date as of which the Auditor issues its report in respect of the Fund's balance sheet and income and expenditure account for the corresponding Accounting Period.
When should an audit report be prepared?auditor's report
At the latest within one year of the end of the accounting period for which the financial statements are prepared (Article 23a (5) of the Act on Accounting).
What is the issuance date of the financial statements?The date that the financial statements are authorized for issue is generally the date at which the financial statements are authorized and issued by management, either to the shareholders or to a supervisory board (made up solely of non-executives), if given.
How long do auditors have after the report release date to complete the audit file by assembling the final set of audit documentation?A complete and final set of audit documentation should be assembled for retention as of a date not more than 45 days after the report release date ( documentation completion date ).
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