SAS 118 Section 550 Other Information in Documents Containing Audited Financial Statements

This section addresses the auditor’s responsibility in relation to other
information in documents containing audited financial statements and the auditor’s
report thereon. In the absence of any separate requirement in the particular
circumstances of the engagement, the auditor’s opinion on the financial
statements does not cover other information, and the auditor has no responsibility
for determining whether such information is properly stated. This section
establishes the requirement for the auditor to read the other information
of which the auditor is aware because the credibility of the audited financial
statements may be undermined by material inconsistencies between the audited
financial statements and other information. (Ref: par. .A1–.A2)


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