What is an auditor's responsibility for supplementary information, such as segment information, that is outside the basic financial statements, but required by the FASB?
A)The auditor has no responsibility for required supplementary information as long as it is outside the basic financial statements.
B)The auditor's only responsibility for required supplementary information is to assist in preparing the supplementary information.
C)The auditor is required to read the other information and consider whether such information is consistent with the information in the financial statements.
D)The auditor should apply tests of details of transactions and balances to the required supplementary information and report any material misstatements in such information.

Question

Quizplus · Accepted Answer

The auditor is required to read the required supplementary information and consider whether it is consistent with the information in the financial statements. However, the auditor is not responsible for testing or reporting on the supplementary information unless it is specifically required by the engagement.

What Is an Auditor's Responsibility for Supplementary Information, Such as Segment