In May X4, an Auditor Reissues the Auditor's Report on the X2

question 5

Multiple Choice

In May X4, an auditor reissues the auditor's report on the X2 financial statements at a continuing client's request. The X2 financial statements are not restated and the auditor does not revise the wording of the report. The auditor should:

• A) Dual date the reissued report.
• B) Use the release date of the reissued report.
• C) Use the original report date on the reissued report.
• D) Use the current-period auditor's report date on the reissued report.

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Definitions:

Fair Market Value

The price at which an asset would sell in an open and competitive market where the buyer and seller each have reasonable knowledge of the relevant facts.

Estimated Useful Life

Estimated useful life is the period over which an asset is expected to be usable for its intended purpose, used to calculate depreciation.

Periodic Depreciation

The method of allocating the cost of a tangible asset over its useful life on a periodic basis, usually annually.

Retroactive Change

A change applied to past periods or transactions in financial records or systems, typically to correct errors or implement new information.