Problem

ABC Company prepares financial statements showing the last two years, years X and Y (Year...

ABC Company prepares financial statements showing the last two years, years X and Y (Year X is the year prior to year Y). The auditor performed an audit of year X and a review of year Y. The auditor may

A. Report on the year Y review and reissue the year X audit report.

B. Provide only the report concerning the year Y review.

C. Reissue the year X audit report with an explanatory paragraph disclosing that only a review was performed on year Y.

D. Notify the client that prior-year audited financial statements cannot be presented when the current-year statements have not been audited.

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