Practice until the coming into effect of SI 220 has been to use the same signature (i.e., of the firm) for these reports as was used for statutory audit reports.This Clarified Auditing Standard (AU-C Section 230) is a redraft of SAS No. As in the previous standard, the basic requirement for audit documentation preparation is that it must be sufficient to enable an experienced auditor having no previous connection with the audit to determine what the auditor did, what the auditor found and what the auditor did about what was found! The requirements in this standard underpin the specific documentation requirements in other Clarified Auditing Standards.

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Audit Report Signatures, what should they look like?

Registered auditor is no longer the correct legal term and the new terms ‘statutory auditor’ or ‘statutory audit firm’ are the terms which should be used on all audit reports since 20th of May 2010. Where the term statutory auditors (as previously advised) has been used this should be updated going forward.

Where financial statements have already been filed using the term ‘statutory auditors’ .

While practitioners may continue to describe themselves as “Registered Auditor(s)” on letterheads, publicity material etc however we recommend that where such materials are being updated or reordered the term is updated to the new term.

Audit Report Signatures, examples: It is extremely important to note that where ‘Audit Firm name’ and ‘Individual Name (s)’ is/are mentioned below this must match the CRO register exactly to prevent filings being returned to the presenter.

Abridged Financial Statements: Regulation 57 of SI 220 applies only to the signing of the statutory audit reports required by Section 193 of the Companies Act 1990.

Its requirements are not extended to the ‘other auditor reports’ required of auditors.

The legislation with regard to these ‘other auditor reports’ is silent on signing requirements.

Basic Objective of the Auditor The basic objective of the auditor is to prepare documentation that provides a good record of evidence that is the basis for the auditor’s report, as well evidence that the audit was planned and performed in accordance with generally accepted auditing standards and any applicable legal and regulatory requirements.