Which of the following is required for an auditor to issue an audit report with 'Dual Dating'?

Answer options:

The auditor wants to extend the audit responsibility period for all subsequent events.

A subsequent event occurs after the original report date but before the report release date, and the auditor wishes to limit responsibility for that specific event.

The client has restated prior year financial statements.

The auditor is reissuing a report from a prior year.

How to approach this question

Dual Dating = Limiting Liability. 'I finished on Feb 15. I only came back to check this ONE thing on March 1.'

Full Answer

B.A subsequent event occurs after the original report date but before the report release date, and the auditor wishes to limit responsibility for that specific event.✓ Correct

A subsequent event occurs after the original report date but before the report release date, and the auditor wishes to limit responsibility for that specific event.

Dual dating limits the auditor's responsibility for subsequent events. The auditor assumes responsibility for the specific subsequent event up to the later date, but for all other matters only up to the original report date.

Common mistakes

Thinking dual dating extends responsibility for the whole audit (it does the opposite).

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