FSA Chapter 4

Financial Statement Analysis Chapter 4 Auditor´s report Bonsón, E., Cortijo, V., Flores, F. Content on this file is licensed under a Creative Commons Attribution Non-Commercial No Derivatives Works 3.0

Index ,[object Object],[object Object],[object Object],[object Object],[object Object]

Introduction ,[object Object],[object Object],[object Object]

The independent auditor’s report on a complete set of financial statements (ISA 700) Title The title must clearly indicate that it is the report of an independent auditor Addressee Shareholders of entity and/ or board of directors Introductory paragraph ,[object Object],[object Object],[object Object],[object Object],Management’s responsibility for the financial statements Management is responsible for the preparation and the fair presentation of the financial statements according to the applicable financial reporting framework Auditor’s responsibility ,[object Object],[object Object],[object Object],Auditor’s opinion Unqualified opinion: the auditor concludes that the financial statements give a true and fair view or are presented fairly, in all material respects, according to the applicable financial reporting framework Other reporting responsibilities Other reporting responsibilities must be addressed in a separate section Auditor’s signature Name of the audit firm, the personal name of the auditor or both Date of the auditor’s report The date of the auditor’s report cannot be earlier than the date on which the auditor has reached enough appropriate audit evidence on which to base his opinion Auditor’s address Location in the country or jurisdiction where the auditor practices

Modifications to the independent auditor’s report (IAS 701)

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Effects of circumstances causing departures from the standard report ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Subsequent events The auditor must discuss the issue with management, and take the action appropriate in the circumstances. In case management does not amend the financial statements as recommended by the auditor, the auditor will express a qualified opinion or an adverse opinion. The auditor is not responsible, but, however, he must issue a new report including an emphasis of a matter paragraph referring to the note of financial statements that discusses in more detail the reason for the revision of both, the previously issued financial statements and the earlier auditor’s report.

FSA Chapter 4

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FSA Chapter 4