The revision framework and audit requirement
Sections 202A/202B and the 2018 regulations took effect on 20 April 2018, permitting directors’ voluntary correction and Registrar court applications. Revised statements, consolidated statements or balance sheets require audit unless exempt from statutory audit. Directors must supply them in sufficient time, and auditors must report in time for regulation 7(1)(a). The bulletin supplements standards and is not exhaustive or legal advice.
Current or original auditor
The current auditor may audit the revisions. Directors may alternatively resolve that the original auditor, if no longer appointed, report on them, provided that auditor agrees. The choice does not remove the need for sufficient evidence or imply a former auditor is obliged to accept.
Original-date preparation basis
Regulation 6(1) requires a statement that the revisions are taken as prepared on the original financial-statement date, defined by the original directors’ statement signing date. They cannot reflect adjusting or non-adjusting events between original and revised dates. This preparation basis differs from the later approval and auditor-report date.
Statutory and SSA 560 report content
Regulation 10(7)(a) requires reference to directors’ descriptions of original noncompliance and material revisions; 10(7)(b) requires an opinion on compliance seen at the original date. SSA 560 paragraph 16 requires an emphasis/other-matter reference to the explanatory note and earlier report. Paragraph 12 allows subsequent-event work restricted to the permitted amendment and requires the report to describe that restriction. The source points to an intended ISCA AGS 1 illustration, not a template reproduced here.
Evidence for the complete revised set
Do not audit only the changed figures: obtain sufficient appropriate evidence that the entire revised set gives a true and fair view at the original date. For the original auditor, understand management’s completeness procedures, corroborate valid revision reasons, inspect support and assess disclosure. Consider management integrity and earlier representations.
Other information and informing prior recipients
Assess whether changes affect SSA 720 other information or create material inconsistencies. Where later other information is corrected, perform necessary procedures; if uncorrected after governance communication, consider action to inform users. Review management’s steps to inform prior recipients; SSA 560 paragraph 17 describes notification and action to prevent reliance where management fails to act.
A different auditor needs a whole-set evidence strategy
In addition to the revision procedures, a new auditor may review the original auditor’s working papers and perform further appropriate work, or independently audit the original statements, to support the opinion on the revised set as a whole. Accessing old papers alone is not automatically sufficient.
Dating and replacement effect
The bulletin says the revised report is dated when directors authorise and approve the revisions for issue, from which the revised set replaces the original. SSA 700 support states the report cannot precede evidence of recognised authorities accepting responsibility. Keep this later report date distinct from the original-date preparation basis. The bulletin remains guidance supplementing prescribed standards.
Official source
This article independently explains the substantive contents of the official PDF, including the relevant conditions, procedures and annexes. The linked document remains the authoritative source for its original wording, and later changes should be checked separately.
Read the official PDF ↗