You have been assigned to the audit of the Plunket Company, a nonpublic company. Another firm audited the statements of a wholly-owned subsidiary, Dawson Company. Those auditors issued an unmodified report for Dawson and you plan to do the same on the overall financial statements as the group auditor. Locate the paragraph that identifies the restrictions that exist on an auditor's ability to make reference to component auditors when issuing an audit report on group financial statements.

Answer rating: 100% (QA)

Generally Accepted Auditing Standards GAAS Generally accepted auditing standards GAAS are a set of systematic guidelines used by auditors when conducting audits on companies financial records GAAS hel... View the full answer