Examples of Emphasis of Matter and Other Matter paragraphs in audit reports


 

Comments

Post a Comment

Popular posts from this blog

ISA 402 – Audit consideration relating to an entity using a service organization

 ISA 402 deals with the user auditor’s responsibility to obtain sufficient appropriate audit evidence when a user entity uses the services of one or more service organizations. It defines the objectives of the user auditor and the requirements relating to audit of the entity using a service organization. These requirements comprise: ·         Obtaining an Understanding of the Services Provided by a Service Organization, Including Internal Control. ·         Responding to the Assessed Risks of Material Misstatement. ·         Type 1 and Type 2 Reports that Exclude the Services of a Subservice Organization. ·         Fraud, Non-Compliance with Laws and Regulations and Uncorrected Misstatements in Relation to Activities at the Service Organization. ·         Reporting by the User Auditor.
Read more

What is the management`s expert and how does the auditor use the management`s expert work?

Image
  The preparation of a company’s financial statements may require ability in a field other than accounting or auditing . In such situations the company may employ or engage experts in these fields to obtain the necessary expertise for preparing of the financial statements . Management’s expert is an individual or organization possessing special experience and knowledge in a field other than accounting or auditing, whose work in that field is used by the company to assist in the preparation of the financial statements. The management`s expert expertise may be needed in the following fields: ·       The valuation of complex financial instruments , land and buildings, plant and machinery, jewelry, works of art, antiques, intangible assets , assets acquired, and liabilities assumed in business combinations and assets that may have been impaired. ·         The actuarial calculation of liabilities associated with insuran...
Read more