Dual-dating opinions Describe the concept and the purpose of dual-dating an audit report
Dual-dating the audit report reduces the auditor's responsibility. In normal situations, the auditor takes responsibility for all events up to the report release date. The auditor is responsible only for events that occurred after this date for which he or she has knowledge. If the auditor becomes aware of a subsequent event after the this date that requires adjustment or discloser then the auditor may either use the date of the subsequent event as the date of the audit report or the auditor may dual-date the report using the original report release date and the date of the subsequent event.
The advantage of dual dating the audit report is that the auditor limits their responsibility. The date for everything other than the subsequent event is the original report release date. The alternative is to date the audit report as of the subsequent event. In that case the auditor has to extend their procedures up to the later date in providing assurance that subsequent events have been appropriately adjusted or disclosed.
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