AUDPORT Questions
(1) During the audit did the auditor encounter any problems that might make it necessary to modify the standard unqualified audit opinion?
(2) Did another audit firm perform any of the audit work on a division, branch, or subsidiary of the client?
(3) Does the principal auditor plan to make reference to the other auditing firm in the audit report? By making no reference to the other auditors, the principle auditor takes responsibility for the audit work performed by the other auditing firm.
(4) Did the auditor discover evidence that there was substantial doubt about the client's ability to continue as a going concern?
(5) Did the client consistently apply generally accepted accounting principles from year to year in the financial statements that were audited?
(6) Did the auditor discover any matters pertaining to the financial statements, such as a subsequent event or related party transaction, that are significant enough to be referenced in the audit opinion?
(7) Did the auditor discover a situation where if the client followed generally accepted accounting principles, the financial statements would be misleading? This is referred to as a justified departure from GAAP and is extremely rare?
(8) Did the auditor discover that the client had departed from generally accepted accounting principles in recording and reporting information contained in the financial statements? Ignore departures from GAAP that are immaterial or that are justified to prevent the financial statements from being misleading.
(9) Was the effect of the departure from GAAP material or pervasive? For example, some auditors might conclude, based upon their professional judgment, that a departure from GAAP that affected net income or total assets by more than 5% would be considered material. Or for example, some auditors might conclude, based upon their professional judgment, that a departure from GAAP that affected net income or total assets by more than 20% would be considered pervasive.
(10) Did the auditor discover a lack of adequate disclosure in the financial statements or the footnotes?
(11) Did the lack of adequate disclosure have a material effect or a pervasive effect on the financial statements?
(12) Did the auditor experience any circumstance imposed scope limitations that prevented the gathering of sufficient, competent evidential matter to form an opinion on the financial statements: Ignore any circumstance imposed scope limitations that were insignificant or that were overcome by performing other audit procedures.
(13) Did the circumstance imposed scope limitations have a significant effect or a severe effect on the auditor's ability to gather evidence?
(14) Did the client impose any scope limitations on the auditor's ability to gather evidence?