Guide to Using International Standards on Auditing in - IFAC

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218 17. Forming an Opinion on Financial Statements Chapter Content Requirements and considerations related <strong>to</strong>: • Forming an opinion on the financial statements; and • Preparing an appropriately worded audi<strong>to</strong>r’s report. Relevant ISAs 700 Exhibit 17.0-1 Back <strong>to</strong> risk assessment 2 Reporting yes Evaluate the audit evidence obtained Is additional work required? no Determine what additional audit work (if any) is required New/revised risk fac<strong>to</strong>rs and audit procedures Changes in materiality Communications on audit findings Conclusions on audit procedures performed Prepare the audi<strong>to</strong>r’s report Form an opinion based on audit findings Significant decisions Signed audit opinion Notes: 1. Refer <strong>to</strong> ISA 230 for a more complete list of documentation required. 2. Planning (ISA 300) is a continual and iterative process throughout the audit.
219 <strong>Guide</strong> <strong>to</strong> <strong>Using</strong> <strong>International</strong> <strong>Standards</strong> on Auditing in the Audits of Small- and Medium-Sized Entities Volume 1—Core Concepts Paragraph # ISA Objective(s) 700.6 The objectives of the audi<strong>to</strong>r are: (a) To form an opinion on the financial statements based on an evaluation of the conclusions drawn from the audit evidence obtained; and (b) To express clearly that opinion through a written report that also describes the basis for that opinion. Paragraph # Relevant Extracts from ISAs 700.7 For purposes of the ISAs, the following terms have the meanings attributed below: (a) General purpose financial statements—Financial statements prepared in accordance with a general purpose framework. (b) General purpose framework—A financial reporting framework designed <strong>to</strong> meet the common financial information needs of a wide range of users. The financial reporting framework may be a fair presentation framework or a compliance framework. The term “fair presentation framework” is used <strong>to</strong> refer <strong>to</strong> a financial reporting framework that requires compliance with the requirements of the framework and: (i) Acknowledges explicitly or implicitly that, <strong>to</strong> achieve fair presentation of the financial statements, it may be necessary for management <strong>to</strong> provide disclosures beyond those specifically required by the framework; or (ii) Acknowledges explicitly that it may be necessary for management <strong>to</strong> depart from a requirement of the framework <strong>to</strong> achieve fair presentation of the financial statements. Such departures are expected <strong>to</strong> be necessary only in extremely rare circumstances. The term “compliance framework” is used <strong>to</strong> refer <strong>to</strong> a financial reporting framework that requires compliance with the requirements of the framework, but does not contain the acknowledgements in (i) or (ii) above. (c) Unmodified opinion—The opinion expressed by the audi<strong>to</strong>r when the audi<strong>to</strong>r concludes that the financial statements are prepared, in all material respects, in accordance with the applicable financial reporting framework. 700.8 Reference <strong>to</strong> “financial statements” in this ISA means “a complete set of general purpose financial statements, including the related notes.” The related notes ordinarily comprise a summary of significant accounting policies and other explana<strong>to</strong>ry information. The requirements of the applicable financial reporting framework determine the form and content of the financial statements, and what constitutes a complete set of financial statements. 700.9 Reference <strong>to</strong> “<strong>International</strong> Financial Reporting <strong>Standards</strong>” in this ISA means the <strong>International</strong> Financial Reporting <strong>Standards</strong> issued by the <strong>International</strong> Accounting <strong>Standards</strong> Board, and reference <strong>to</strong> “<strong>International</strong> Public Sec<strong>to</strong>r Accounting <strong>Standards</strong>” means the <strong>International</strong> Public Sec<strong>to</strong>r Accounting <strong>Standards</strong> issued by the <strong>International</strong> Public Sec<strong>to</strong>r Accounting <strong>Standards</strong> Board.
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Guide to Using International Standards on Auditing in - IFAC

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