In this lesson, Nick Palazzolo, CPA, discusses the relationship between predecessor and successor auditors and their respective responsibilities. He navigates scenarios where a previous auditor's report needs to be reissued, detailing the necessary steps and requirements for predecessor auditors when reissuing their prior-year audit report, as well as what to include in an other matter paragraph when the prior period financial statements were audited by a different auditor. The lesson emphasizes the importance of professional judgment, professional skepticism, and clear communication between auditors in these situations.
This video and the rest on this topic are available with any paid plan.
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