Recommendation Other Information In Audit Report Ias 1 Going Concern

The auditors report is the auditors primary means of communication with an entitys stakeholders. While the current binary auditors report is valued many stakeholders perceive that it could be more informative. Other information may also include other matters. To revise ISA 720 The Auditors Responsibilities Relating to Other Information in Documents Containing Audited Financial Statements to ensure that the ISA continues to be capable of enhancing the credibility of financial statements through specifying appropriate responsibilities of the auditor relating to the range of other information in documents containing audited financial information and taking account of how such information. Reading Other Information 6. An audit is considered an official examination to verify that proper policies and procedures were followed and therefore an audit can take many forms. A Other information means financial and non-financial information other than the financial report and the auditors report thereon which is included either by law regulation or custom in a document containing an audited financial report and the auditors report thereon. The auditor shall read the other information to identify material inconsistencies if any with the audited financial statements. Audit and Assurance Alert. Hence the report has to be meaningful and deliver value for the stakeholders.

Effective for audits of financial statements for periods ending on or afterDecember152021. A2 The auditor is not required to reference the other information in the auditors report on the financial statements. Other information may also include other matters. The revised ISA aims to clarify and increase the auditors involvement with other informationdefined in the standard as financial and non-financial information other than the audited financial statements that is included in entities annual reports. The auditors responsibility with respect to information in a document does not extend beyond the financial information identified in his report and the auditor has no obligation to perform any procedures to corroborate other information contained in a document. The auditors report shall include a separate section with a heading Other Information or other appropriate heading when at the date of the auditors report. Other information may also include other matters. The International Auditing and Assurance Standards Board IAASB approved the proposed ISA in September 2012 for exposure. Those including financial statements management accounts management reports. Reading Other Information 6.

Learn the different types of audit. A Other information means financial and non-financial information other than the financial report and the auditors report thereon which is included either by law regulation or custom in a document containing an audited financial report and the auditors report thereon. Other information in a document may be relevant to an audit performed by an independent auditor or to the continuing propriety of his report. Financial statements and the auditors report thereon. The auditors responsibility with respect to information in a document does not extend beyond the financial information identified in his report and the auditor has no obligation to perform any procedures to corroborate other information contained in a document. Other information may include amounts or other items that are intended to be the same as to summarize or to provide greater detail about amounts or other items in the financial statements and other amounts or other items about which the auditor has obtained knowledge in the audit. 04 Other information in a document may be relevant to an audit performed by an independent auditor or to the continuing propriety of his report. A For an audit of financial statements of a listed entity the auditor has obtained or expects. Other information may include amounts or other items that are intended to be the same as to summarize or to provide greater detail about amounts or other items in the financial statements and other amounts or other items about which the auditor has obtained knowledge in the audit. Or others report like compliant reports.

Other information may include amounts or other items that are intended to be the same as to summarize or to provide greater detail about amounts or other items in the financial statements and other amounts or other items about which the auditor has obtained knowledge in the audit. Other information in a document may be relevant to an audit performed by an independent auditor or to the continuing propriety of his report. A2 The auditor is not required to reference the other information in the auditors report on the financial statements. The auditors responsibility with respect to information in a document does not extend beyond the financial information identified in his report and the auditor has no obligation to perform any procedures to corroborate other information contained in a document. This is the most commonly known form of audit and refers to the systematic review of a companys financial reporting to ensure all information is valid and conforms to GAAP standards. However the auditor may include an explanatory paragraph disclaiming an opinion on the other information. For example an auditor may choose to include a disclaimer on the other. The auditors report shall include a separate section with a heading Other Information or other appropriate heading when at the date of the auditors report. 04 Other information in a document may be relevant to an audit performed by an independent auditor or to the continuing propriety of his report. Other information may also include other matters.

While the current binary auditors report is valued many stakeholders perceive that it could be more informative. To revise ISA 720 The Auditors Responsibilities Relating to Other Information in Documents Containing Audited Financial Statements to ensure that the ISA continues to be capable of enhancing the credibility of financial statements through specifying appropriate responsibilities of the auditor relating to the range of other information in documents containing audited financial information and taking account of how such information. Other information in a document may be relevant to an audit performed by an independent auditor or to the continuing propriety of his report. Financial statements and the auditors report thereon. A2 The auditor is not required to reference the other information in the auditors report on the financial statements. The International Auditing and Assurance Standards Board IAASB approved the proposed ISA in September 2012 for exposure. Reading Other Information 6. The auditors responsibility with respect to information in a document does not extend beyond the financial information identified in his report and the auditor has no obligation to perform any procedures to corroborate other information contained in a document. Hence the report has to be meaningful and deliver value for the stakeholders. Other information includes the directors report audit committee report company secretary certificate and the detailed income statement.