Can a Company Auditor revise his audit report? If it is yes, when and under what circumstances??
1 Replies
CA Harshal Pahade
(Professional)
(79 Points)
Replied 06 July 2013
Yes ...A revision of the audit report may be warranted in several instances involving reasons such as apparent mistakes, wrong information about facts, subsequent discovery of facts existing at the date of the audit report, etc. The nature and range of instances may vary from one enterprise to another depending upon facts and circumstances
When an auditor considers that :
- amendment in financial statements is not warranted, or
- when he adivises amendment to financial statements as above but the management does not intend to revise the same, or
- when management agrees for revision in financial statements but is unable to do so despite its bonafide intentions but management extends its cooperation to the auditor and agrees to ensure that anyone in receipt of the previously issued financial statements together with the audit report thereon is informed of the situation and would be issued the revised audit report, the auditor may then consider issuing the revised report as under:
1. Refer to the earlier report issued by the auditor on the financial statements; and
2. State the reasons for revising the report
I would suuget you to go through guidlines issued by ICAI on Revision of the Audit Report. You can get the same at following link: -
https://www.icai.org/post.html?post_id=1140
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