Question

a. What's the difference between "component auditors" and a "predecessor auditor"?

b. What date is ordinarily used to date an audit report?

Answer 1

a)

Component auditor is an auditor who,at the request of the group engagement team, performs work on financial information related to a component of the group audit.Such auditor performs work on the financial information of a component that will be used as audit evidence for the group audit where as a Predecessor auditor is the auditor who was previously the auditor of an entity and who has been replaced by the successor auditor.

b)

The auditor should date the audit report no earlier than the date on which the auditor has obtained sufficient appropriate evidence to support the auditors opinion.The date indicates the date of completion of audit,which is the date on which the auditor has obtained sufficient appropriate audit evidence to be able to draw conclusions on which to base the auditors opinion on the financial statements.The Audit report should be the date after the date of financial statements.