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An auditor issued an audit report that was dual dated for a subsequent event occurring after the completion of field work but before issuance of the auditor’s report. The auditor’s responsibility for events occurring subsequent to the completion of field work was:
limited to the specific event referenced.
After issuing a report an auditor concludes that an auditing procedure considered necessary at the time of the audit was omitted from the audit. The auditor should first:
assess the importance of the omitted procedure to the auditor’s ability to support the opinion expressed on the financial statements taken as a whole.
Jones, CPA, audited the 1993 financial statements of Ray Corp. and issued an unqualified opinion on March 10, 1994. On April 2, 1994, Jones became aware of a 1993 transaction that may materially affect the 1993 financial statements. This transaction would have been investigated had it come to Jones’ attention during the course of the audit. Jones should:
contact Ray’s management and request their cooperation in investigating the matter.
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