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FORMING AN OPINON AND REPORTING OF FINANCIAL STATEMENTS (PSA 700) (SCOPE,…
FORMING AN OPINON AND REPORTING OF FINANCIAL STATEMENTS
(PSA 700)
ELEMENTS OF AUDITOR'S REPORT IN
ACCORDANCE TO PSA
e.) Key Audit Matters
f.) Other Information
d.) Basis of Opinion
g.) Responsibilities for the FS
c.) Auditor's Opinion
h.) Auditor's Responsibilities for the Audit of the FS
b.) Addressee
i.) Location for the description of the
auditor's responsibilities for audit of FS
a.) Title
j.) Other Reporting Responsibiities
k.) Name of the Engagement Partner
l.) Signature
m.) Auditor's Adress
n.) Date of Auditor's Report
FORM OF OPINION
Modified opinion
FS as a whole are
not free from MM
unable to obtain sufficient appropriate AE to
conclude that the FS as a whole free from MM
FS prepared not fairly presented
Auditor shall discuss the matter to management
Auditor not required to evaluate fair presentation
if in accordance with compliance framework
Unmodified opinion
FS prepared in all material respects
and accordance with AFRF
FORMING AN
OPINION ON FS
Auditor's conclusion about
obtaining reasonable assurance
Conclusion
Appropriate evidence
Materiality of uncorrected misstatements
individually or aggregate
Evaluation on adequacy and
fairness of FS presentation
Whether FS is prepared in material
respect and accordance to AFRF
SCOPE
Form and content of auditor's report issued
Promotes consistency
in auditor's report
Promotes Credibility in the marketplace
Promotes user's understanding and to identify
unusual circumstance
Auditors responsibility to form an opinion on FS
Written in the context of a complete set of
general purpose FS.
Auditor's Report prescribed by LAW or Regulations
OBJECTIVE
Form an opinion on the FS based on the evaluation and conclusion drawn
Clearly express opinion through written report