ISA 705 - Modifications to the Opinion in the Independent Auditor’s Report

 The ISA deals with the auditor’s responsibility to issue an appropriate report in circumstances when the auditor concludes that a modification to the auditor’s opinion on the financial statements is necessary.

This ISA is effective for audits of financial statements for periods ending on or after December 15, 2016.

ISA 705 defines requirements relating to circumstances when a modification to the auditor’s opinion is needed, determining the type of modification to the auditor’s opinion, form and content of the auditor’s report and communication with those charged with governance when the opinion is modified.

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