After an audit report is issued,the auditor discovers through a peer review that an important audit procedure has been omitted.In this case,what should the auditor do?
A)Notify all parties known to be relying on the report.
B)Immediately request the client recall the report.
C)Contact his or her professional liability insurance carrier.
D)Determine whether the report can still be supported in light of the omitted procedure.

Question

Quizplus · Accepted Answer

The auditor should determine whether the report can still be supported in light of the omitted procedure. If the report cannot be supported, the auditor should notify all parties known to be relying on the report and provide a revised report. If the report can still be supported, the auditor should document the situation and take appropriate steps to prevent the omission of the procedure from occurring in future audits. Contacting the professional liability insurance carrier or requesting the client recall the report may not be necessary or appropriate in this situation.

After an Audit Report Is Issued,the Auditor Discovers Through a Peer