When updating the report on prior years' financial statements presented in comparative form, the auditors' responsibility for the prior years' financial statements is
A)limited to the previously issued report date.
B)extended to the date of the updated audit report.
C)limited to 30 days after the date of the prior years' financial statements.
D)extended to the updated report date only if information comes to the auditors' attention requiring modification of the previously expressed opinion.

Question

Quizplus · Accepted Answer

When updating the report on prior years' financial statements presented in comparative form, the auditors' responsibility extends to the date of the updated audit report. This means they are responsible for considering whether any events or circumstances have occurred up to that date which might affect the financial statements of the prior years.

When Updating the Report on Prior Years' Financial Statements Presented