Periodically the Louisiana Legislative Auditor (LLA) becomes aware that an audit or other attestation report that has been issued and is on LLA’s website needs to be revised because of an error or omission. The notification may come from the CPA who performed the audit; the local auditee; a funding agency of the local auditee; another third party, or through LLA’s subsequent review of an issued report.
The reports on LLA’s website have been issued as public documents. These reports cannot be replaced without some type of notification to those individuals who have relied upon the originally issued report.
A reissued report is handled in this manner:
1. The CPA firm that performed the engagement notifies LLA’s Engagement Managerthat a report needs to be revised. Alternatively, if LLA becomes aware that a report is to be revised by a review of the report or through means other than by notification from the CPA firm, the Engagement Manager advises the CPA that the report needs to be revised.
2. The report is revised.
3. A letter is prepared, either on the local auditee’s or the CPA firm’s letterhead, explaining the reason the report was revised. The letter is issued with the revised report, as the first page of the report.
4. The report is sent to email@example.com
5. The report is reviewed and issued by LLA. The original report is replaced on the LLA website. The letter described in 3. is issued with the report, as the first page of the report; and serves as LLA’s notification that the report has been revised.
A CPA firm that issues a revised report without notifying LLA is subject to disciplinary actions, up to and including suspension.
- After I submitted a report through the portal, I realized that there was an error in it. Do I need to follow the procedures described above to reissue the report?
- Does the letter attached to the revised report and issued by LLA satisfy the CPA’s responsibilities for reissued reports under generally accepted auditing standards?
- One of my local auditee clients wants to revise an audit report for an immaterial matter. Does the revised report need to be sent to LLA?
- A funding agency for one of my local auditees has asked that the local auditee’s audit report be revised for an immaterial error reported in a grant the local auditee received from them. Can the local auditee refuse to revise the report?
- A report that was originally submitted to LLA by the statutory due date was revised subsequent to the due date. Does the revised report need to include a late report finding?