(Solved Homework): After reading AICPA Professional Standards, AU Section 315, do you agree with the procedures/guidance on communication wi…

After reading AICPA Professional Standards, AU Section 315, do you agree with the procedures/guidance on communication with predecessor auditors? Comment particularly on communication guidance when possible misstatements are found in financial statements reported on by the predecessor auditor.

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Ans- Yes I agree with the procedure/guidance on communication with predecessor auditors. This section provides guidance on communication between predecessor and successor auditors when a change of auditors is in process or has. taken place. It also provides communications guidance when possible misstatements are discovered in financial statements reported on by a predecessor auditor. This section applies whenever an independent auditor is considering accepting an engagement to audit or reaudit financial statements in accordance with generally accepted auditing standards and after such auditor has been apppointed to perform such an engagement.

If during the audit and reaudit, the successor auditors becomes aware of information that leads him or her to believe that financial statements reported on by the predecessor auditor may require rivision , the successor auditor should request that the client infor the predecessor auditor of the situation and arrange for the three parties to diacuss this information and attempt to resolve the matter. The successor auditor should communicate to the predecessor auditor any information that the predecessor auditor may need to consider in accordance with section 561, subsequent Discovery of Facts Existing at the Date of the Auditor’s Report, which sets out the procedures that an auditor should follow when the auditor subsequently discovers facts that may have affected the audited financial statements previously reported on. If the client refuses to inform the predecessor auditor or if the successor auditor is not satisfied with the resolution of the matter, the successor auditor should evaluate possible implications on the current engagement and whether to resign from the engagement. Further more the successor auditor may wish to consult with his or her legal counsel in determining an appropriate course of further action.

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