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If the new facts have an effect on the previous year's financial position in a material way, the auditors must investigate.They should revise their audit report and the company should issue the corrected audit report to any parties that have received it, such as government agencies or banks.In this instance, the amount is material because of its implications and is worth correcting.

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The new auditor’s report also provides improved transparency regarding the scope of the auditor’s work and the roles and responsibilities of the auditor, management and those charged with governance.​​ The equivalent International Standards on Auditing require that the auditor’s reports of all listed entities include the communication of key audit matters.

This requirement has not yet been included in the Canadian Auditing Standards as the AASB is working with members of the Auditor Reporting Implications of the New Canadian Auditing Standards Task Force to deliberate how best to address the differences between the Canadian and US Public Company Oversight Accountability Board’s (PCAOB) new auditor reporting standards, including key audit matter reporting and the implications for auditor’s reports on the financial statements of dual-listed entities.

Currently, the Canadian auditor reporting standards state that auditor’s reports are only required to communicate key audit matters if law or regulation requires the auditor to do so. Securities and Exchange Commission (SEC) approved significant enhancements to PCAOB standards regarding the auditor’s report, including changing the location of the paragraphs, enhancing the description of the auditor’s responsibilities, and introducing the requirement to communicate critical audit matters (“CAMs”) and disclose auditor tenure.

Auditors may also voluntarily choose to communicate key audit matters. Consequently, audits of SEC issuers may be impacted, particularly issuers obtaining a combined Generally Accepted Auditing Standards (CAS/PCAOB) auditor’s report for fiscal years ending on or after December 15, 2017.

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If the lack of procedures could possibly change the audit report and subsequent opinion, the auditors are obligated to perform these procedures.

If they don't find anything that changes their opinion, the company doesn't have to do anything.

It's important for companies to contact interested parties as soon as possible; if the company doesn't do it, the auditors are obligated to reissue their report to relevant parties.

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