It also deals with the form and content of the auditor's report issued as a result of an audit of accounts. The auditor must assess whether the annual accounts have been prepared in all material respects in accordance with the requirements of the applicable accounting framework. The auditor's report must be considered, where relevant, based on the circumstances of the engagement.
The auditor's report should include a section entitled “Auditor's Responsibilities for the Audit of the Financial Statements.” The Auditor's Responsibilities for the Audit of the Financial Statements section of the auditor's report shall also: (See Par.
Location of the description of the auditor's responsibilities for the audit of the financial statements.
Application and Other Explanatory Material
Law, regulation or the terms of the engagement may specify to whom the audit report must be addressed in the relevant jurisdiction. For example, the auditor's report states that the auditor has audited the company's financial statements, which include [specify the title of each financial statement that includes the complete set of financial statements required by the applicable accounting framework, specifying the date or period covered by each financial statement] and notes to the accounts, including an overview of significant accounting practices. The auditor's opinion covers the complete set of accounts as defined by the applicable accounting framework.
A description of the applicable financial reporting framework and how it may influence the auditor's opinion A23. Accordingly, this ISA requires that the Basis for Opinion section immediately follow the Opinion section of the auditor's report. Reference to applied standards informs users of the auditor's report that the audit was performed in accordance with established standards.
The auditor may also consider it useful to provide additional information in the description of the auditor's responsibilities beyond that required by paragraph 39(c). For example, the auditor may be required to report certain matters if they come to the auditor's attention during the course of the audit of the financial statements. In some cases, relevant law or regulation may require or permit the auditor to report on these other responsibilities as part of their auditor's report on the financial statements.
In such cases, paragraph 44 requires the auditor to include reporting responsibilities under the ISAs under a heading entitled "Report on the Audit of the Financial Statements." In some cases, law or regulation may permit the use of electronic signatures in the auditor's report. Accordingly, the auditor does not include any reference in the auditor's report to the audit performed in accordance with International Standards on Auditing.34.
In such a case, the auditor's report only refers to the auditing standards (either International Auditing Standards or the national auditing standards) according to which the auditor's report was drawn up. The auditor's opinion will also cover notes or supplementary schedules that are cross-referenced from the financial statements.
Appendix
The annual accounts are prepared by the company's management in accordance with IFRS (a general purpose framework). The terms of the audit engagement reflect the description of management's responsibilities for the financial statements in ISA 210. The auditor has concluded that an unmodified (ie "clean") opinion is appropriate based on the audit evidence obtained.
The relevant ethical requirements applicable to the audit include the International Ethics Standards Board for Accountants' Code of Ethics for Professional Accountants together with the ethical requirements relating to the audit in the jurisdiction, and the auditor refers to both. Based on the audit evidence obtained, the auditor has concluded that a material uncertainty does not exist related to events or conditions that may cast significant doubt on the entity's ability to continue as a going concern in accordance with ISA 570 (Revised). Those responsible for the supervision of the accounts differ from those responsible for the preparation of the accounts.
In addition to the audit of the financial statements, the auditor has other reporting duties required by local law.
INDEPENDENT AUDITOR’S REPORT
We are independent of the company in accordance with the International Ethics Standards Board for Accountants' Code of Ethics for Professional Accountants (IESBA Code), together with the ethical requirements relevant to our audit of the financial statements in [jurisdiction], and we have satisfied our other ethical responsibilities in accordance with these requirements and the IESBA Code. Key audit matters are those matters which, in our professional judgment, were of greatest importance to our audit of the accounts for the current period. These matters were addressed in connection with our audit of the financial statements as a whole and in our conclusion thereon, and we do not issue a separate conclusion on these matters.
Management is responsible for the preparation and fair presentation of the financial statements in accordance with IFRSs39, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or errors. Paragraph 40(c) explains that where law, regulation or national auditing standards expressly allow this, reference may be made to a website of a competent authority containing the description of the auditor's responsibilities, rather than including this material there. to take. reports, the terms management and those charged with governance may need to be replaced by another term that is appropriate in the context of the legal framework in the specific jurisdiction.
Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures that respond to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control.40. Determine whether management has appropriately applied the going concern basis of accounting and, based on the audit evidence obtained, determine whether a material uncertainty exists regarding events or conditions that may cast significant doubt on the entity's ability to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves a fair presentation. We communicate with those charged with governance about, among other things, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. From the matters communicated with those charged with control, we determine those matters that were most important in the audit of the financial statements of the current period and are therefore the key audit matters.
Report on Other Legal and Regulatory Requirements
Consolidated financial statements are prepared by the entity's management in accordance with IFRS (a general purpose framework). The terms of the audit engagement reflect the description of management's responsibility for the consolidated financial statements in ISA 210. Those responsible for overseeing the consolidated financial statements differ from those responsible for preparing the consolidated financial statements.
In addition to the audit of the consolidated financial statements, the auditor has other reporting responsibilities required under local law. Our responsibilities under these standards are further described in the Auditor's Responsibilities for the Audit of the Consolidated Financial Statements section of our report. The key audit matters concern those matters that, in our professional judgment, were most significant in our audit of the consolidated financial statements for the current period.
Obtaining sufficient and appropriate audit evidence regarding the financial information of the entities or businesses within the Group to express an opinion on the consolidated financial statements. 44 This sentence would be modified as necessary in circumstances where the auditor also has a responsibility to express an opinion on the effectiveness of internal control in connection with the audit of the consolidated financial statements. Our responsibilities under these standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report.
We are independent of the Company in accordance with the ethical requirements relevant to our audit of the annual accounts in [jurisdiction], and we have complied with our requirements. A further description of the accountant's responsibilities for auditing the financial data can be found on the [Organization] website at: [website link]. This description forms part of our auditor's report. The financial statements are prepared by the entity's management in accordance with the Financial Reporting Framework (XYZ Law) of Jurisdiction financial information needs of a wide range of users, but which is not a fair presentation framework).
In our opinion, the company's accompanying financial statements have been prepared in all material respects in accordance with XYZ Law of Jurisdiction X. 49 This sentence will be modified as necessary in circumstances where the auditor also has the responsibility to express an opinion on the effectiveness of internal control in in connection with the audit of the annual accounts.