Immersing in audit

Comparative information are the amounts and disclosures included in the financial statements in respect of one or more prior periods in accordance with the applicable financial reporting framework.

Emphasis of Matter Paragraph in the Auditor’s Report Emphasis of Matter paragraph is a paragraph included in the auditor’s report that refers to a matter appropriately presented or disclosed in the financial statements that, in the auditor’s judgment, is of such importance that it is fundamental to users’ understanding of the financial statements. When the auditor includes an Emphasis of Matter paragraph in the auditor’s report, the auditor shall: ·   Include the paragraph within a separate section of the auditor’s report with an appropriate heading that includes the term “Emphasis of Matter.” ·   Include in the paragraph a clear reference to the matter being emphasized and to where relevant disclosures can be found in the financial statements. The paragraph shall refer only to information presented or disclosed in the financial statements. ·   Indicate that the auditor’s opinion is not modified in respect of the matter. Examples of circumstances in which auditors include “an E

 

  A modified opinion is a qualified opinion, an adverse opinion, or a disclaimer of opinion on financial statements. The auditor shall modify the opinion in the auditor’s report when: ·         The auditor concludes that the financial statements as a whole are not free from material misstatement ; or ·         The auditor is unable to obtain sufficient appropriate audit evidence to conclude that the financial statements as a whole are free from material misstatement.   Nature of matter giving rise to the modification Auditor’s judgment about the pervasiveness of the effects or possible effects on the financial statements m aterial but n ot p ervasive m aterial and p ervasive Financial statements are materially misstated Qualified opinion Adverse opinion Inability to obtain sufficient appropriate audit evidence Qualified opinion Disclaim