Dual-Dating of an Audit Report Extends the Auditors' Liability for Disclosure

question 53

True/False

Dual-dating of an audit report extends the auditors' liability for disclosure through the later date for all areas of the financial statements.

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Definitions:

Recording

The process of capturing all financial transactions of a company for inclusion in its accounting records.

Posting

The process of recording transactions in the ledger accounts as part of the accounting cycle.

Debit

An accounting entry that represents an increase in assets or expenses, or a decrease in liabilities or equity, recorded on the left side of the accounting ledger.

Credit

The provision of goods, services, or money with the expectation of future payment, or an entry in accounting that increases liabilities and decreases assets.