Supplementary Information in Relation to the Financial Statements as a Whole - SAS No. 119

This SAS is effective for audits of financial statements for periods beginning on or after December 15, 2010. Early application is permitted. This Standard supersedes the requirements and guidance in AU section 550. Along with SAS No. 118, Other Information in Documents Containing Audited Financial Statements supersedes the requirements and guidance in AU section 551. This Standard

• establishes preconditions in order to opine on whether supplementary information is fairly stated in relation to the financial statements as a whole.
• establishes presumptively mandatory performance requirements in order to opine on whether supplementary information is fairly stated, in all material respects, in relation to the financial statements as a whole.
• establishes presumptively mandatory reporting requirements when the entity presents the supplementary information with the financial statements and when the audited financial statements are not presented with the supplementary information.
• establishes a preclusion from expressing an opinion on supplementary information when the auditor’s report on the audited financial statements contains an adverse opinion or a disclaimer of opinion and the auditor has been engaged to report on whether supplementary information is fairly stated, in all material respects, in relation to the financial statements as a whole.