This document is International Standard on Auditing (ISA) 706 (Revised), which provides requirements and guidance for emphasis of matter paragraphs and other matter paragraphs that may be included in the independent auditor's report. It discusses when such paragraphs are necessary to draw users' attention to matters that are fundamental to understanding the financial statements or the audit. The standard also addresses the relationship between these types of additional communication and key audit matters reported in accordance with ISA 701. Requirements are provided regarding the form and content of emphasis of matter and other matter paragraphs.
This document outlines the International Standard on Auditing 705 regarding modifications to the auditor's opinion in the independent auditor's report. It defines the types of modified opinions as qualified, adverse, or disclaimer and the circumstances that would require each. It provides requirements on determining and expressing the type of modified opinion, including the form and content of the auditor's report. It addresses implications of an inability to obtain sufficient evidence due to management limitations.
This document is the International Standard on Auditing 700 (Revised) which provides requirements and guidance for forming an opinion and reporting on financial statements. Some key points:
- The objectives of the auditor are to form an opinion on the financial statements based on an evaluation of the audit evidence obtained, and to express this opinion clearly in a written report.
- The auditor must evaluate whether the financial statements are prepared in accordance with the applicable financial reporting framework. For fair presentation frameworks, the auditor must also evaluate if the statements achieve fair presentation.
- The auditor must express an unmodified opinion if they conclude the financial statements are prepared in accordance with the framework. Otherwise the opinion must be modified.
- The auditor
Isa 700 Forming An Opinion And Reporting On Financial Statements En Inglesguest4a971d
- The document is an international standard on auditing that deals with an auditor's responsibility to form an opinion on financial statements and to express that opinion clearly in a written audit report.
- The objectives of the auditor are to form an opinion on whether the financial statements are prepared in accordance with the applicable financial reporting framework, and to express this opinion clearly in the audit report.
- The auditor must conclude whether sufficient appropriate audit evidence was obtained to form an opinion, whether any uncorrected misstatements are material, and whether various qualitative aspects of the financial statements are in accordance with the financial reporting framework.
SA 706," Emphasis of Matter Paragraph and Other Matter Paragraph in the Indep...Dipendra Prasad Poudel
The very precise presentation regarding SA 706. It was prepared for technical session of Article Assistants in N.Kochhar and Co ( Chartered Accountants). Hope it will help you.
Happy Reading
Audit Reports and Relevant Standards on Auditing (2019)Rohan Tauro
This presentation speaks about SAs 700 (Revised), 701, 705 (Revised) and 706 (Revised) in the context of an Independent Auditor's Report for companies incorporated in India
Isa 706 Emphasis Of Matter Paragraphs And Other Matter Paragraphs In The Inde...guest4a971d
This document outlines International Standard on Auditing 706 regarding emphasis of matter and other matter paragraphs that may be included in an independent auditor's report. It defines these terms and provides requirements and guidance for including them in the report. The standard requires the auditor to include an emphasis of matter paragraph to draw attention to a fundamental matter disclosed in the financial statements. It allows for inclusion of other matter paragraphs to draw attention to relevant matters not disclosed in the financial statements.
This document outlines the International Standard on Auditing 705 regarding modifications to the auditor's opinion in the independent auditor's report. It defines the types of modified opinions as qualified, adverse, or disclaimer and the circumstances that would require each. It provides requirements on determining and expressing the type of modified opinion, including the form and content of the auditor's report. It addresses implications of an inability to obtain sufficient evidence due to management limitations.
This document is the International Standard on Auditing 700 (Revised) which provides requirements and guidance for forming an opinion and reporting on financial statements. Some key points:
- The objectives of the auditor are to form an opinion on the financial statements based on an evaluation of the audit evidence obtained, and to express this opinion clearly in a written report.
- The auditor must evaluate whether the financial statements are prepared in accordance with the applicable financial reporting framework. For fair presentation frameworks, the auditor must also evaluate if the statements achieve fair presentation.
- The auditor must express an unmodified opinion if they conclude the financial statements are prepared in accordance with the framework. Otherwise the opinion must be modified.
- The auditor
Isa 700 Forming An Opinion And Reporting On Financial Statements En Inglesguest4a971d
- The document is an international standard on auditing that deals with an auditor's responsibility to form an opinion on financial statements and to express that opinion clearly in a written audit report.
- The objectives of the auditor are to form an opinion on whether the financial statements are prepared in accordance with the applicable financial reporting framework, and to express this opinion clearly in the audit report.
- The auditor must conclude whether sufficient appropriate audit evidence was obtained to form an opinion, whether any uncorrected misstatements are material, and whether various qualitative aspects of the financial statements are in accordance with the financial reporting framework.
SA 706," Emphasis of Matter Paragraph and Other Matter Paragraph in the Indep...Dipendra Prasad Poudel
The very precise presentation regarding SA 706. It was prepared for technical session of Article Assistants in N.Kochhar and Co ( Chartered Accountants). Hope it will help you.
Happy Reading
Audit Reports and Relevant Standards on Auditing (2019)Rohan Tauro
This presentation speaks about SAs 700 (Revised), 701, 705 (Revised) and 706 (Revised) in the context of an Independent Auditor's Report for companies incorporated in India
Isa 706 Emphasis Of Matter Paragraphs And Other Matter Paragraphs In The Inde...guest4a971d
This document outlines International Standard on Auditing 706 regarding emphasis of matter and other matter paragraphs that may be included in an independent auditor's report. It defines these terms and provides requirements and guidance for including them in the report. The standard requires the auditor to include an emphasis of matter paragraph to draw attention to a fundamental matter disclosed in the financial statements. It allows for inclusion of other matter paragraphs to draw attention to relevant matters not disclosed in the financial statements.
C:\Fakepath\Isa 805 Special Considerations—Audits Of Single Financial Stateme...guest4a971d
This document provides guidance for auditors conducting audits of single financial statements or specific elements of financial statements. It outlines key considerations for accepting the engagement, planning and performing the audit, and forming an opinion and reporting. When auditing a single statement or element, auditors should comply with all relevant auditing standards and determine if such an audit is practicable. They must also evaluate if the applicable financial reporting framework provides adequate disclosures to understand the information presented. The auditor's report must include a separate opinion for each audit engagement and differentiate opinions on single statements from opinions on complete financial statements.
Isa 705 Modifications To The Opinion In The Independent Auditor’S Report En I...guest4a971d
- The document is an International Standard on Auditing (ISA) that provides requirements and guidance for auditors when the audit opinion is modified from an unmodified opinion.
- There are three types of modified opinions: qualified opinion, adverse opinion, and disclaimer of opinion. The type of modification depends on the nature and pervasiveness of the matter giving rise to the modification.
- The auditor is required to modify the opinion if the financial statements are materially misstated or if the auditor is unable to obtain sufficient audit evidence to conclude that the financial statements are free from material misstatement.
The document discusses different types of audit reports that can be issued by an auditor:
- Unqualified or clean report is issued when no issues are found during the audit.
- A qualified report is issued when the auditor has reservations but the financial statements are still fairly presented subject to the auditor's qualifications.
- A disclaimer is issued when the auditor is unable to express an opinion due to limitations or uncertainties.
- An adverse opinion is issued when the financial statements are materially misstated.
- A compartmental report is issued when the auditor can express an opinion on some but not all aspects of the financial statements.
C:\fakepath\isa 810 engagements to report on summary financial statements en ...guest4a971d
The document outlines International Standards on Auditing for engagements to report on summary financial statements. It provides requirements for auditors to:
- Accept the engagement only if they have audited the underlying financial statements
- Determine if the criteria for preparing the summary statements are acceptable
- Obtain management agreement to make the audited statements available and include the auditor's report
- Compare the summary statements to the audited statements to evaluate if they are consistent
- Evaluate if the summary statements properly disclose their nature and provide necessary information without being misleading.
C:\Fakepath\Isa 710 Comparative Information—Corresponding Figures And Compara...guest4a971d
This document is an International Standard on Auditing (ISA) that addresses the auditor's responsibilities relating to comparative information in an audit of financial statements. It discusses two approaches to comparative information - corresponding figures and comparative financial statements. It provides requirements and guidance for the auditor regarding audit procedures on comparative information and audit reporting related to comparative information. The document contains definitions, requirements for audit procedures and audit reporting, and application guidance including illustrations of auditor's reports.
The document summarizes the key changes introduced by the Standards on Auditing (SA) 700 (Revised), SA 705, and SA 706 issued by the Auditing and Assurance Standards Board of the Institute of Chartered Accountants of India regarding the format and content of audit reports. Specifically, it provides a comparative analysis of the old versus new audit report formats, explains the types of modified audit opinions under SA 705, and the use of emphasis of matter and other matter paragraphs in audit reports as per SA 706. The document aims to explain the implications of the revised standards for auditors in India.
The document outlines the key elements that must be included in an auditor's report according to the Companies Ordinance 1984. It discusses the required sections of the report including the title, addressee, opening paragraph, scope paragraph, opinion paragraph, date of report, auditor's address and signature. It also describes the types of opinions that can be issued - unqualified, qualified, disclaimer of opinion, and adverse opinion - and the circumstances under which each would be appropriate.
An audit report summarizes an auditor's examination of a company's financial statements. It assesses whether the statements are fairly presented in accordance with accounting standards. The report includes an introduction stating management and auditor responsibilities. It describes the audit scope and provides an opinion on whether the financial statements achieve a true and fair view. The report is addressed to shareholders and dated and signed by the auditor.
This document is an International Standard on Auditing (UK) that provides requirements and guidance for auditors when modifying their audit opinion on financial statements. The standard outlines three types of modified opinions - qualified, adverse, and disclaimer of opinion. It provides requirements for determining the appropriate type of modification and for the form and content of the auditor's report when the opinion is modified, including specific elements that must be included in the report. The standard also addresses circumstances that would require a modification to the opinion and communicating any modifications to management and those charged with governance.
C:\Fakepath\Isa 800 Special Considerations—Audits Of Financial Statements Pre...guest4a971d
- The document provides international standards on auditing special purpose financial statements prepared under a special purpose framework.
- It outlines requirements for accepting the engagement, planning and performing the audit, and forming an opinion and reporting considerations.
- Appendices include examples of auditor's reports on special purpose financial statements prepared for a tax basis, regulatory compliance, and contractual compliance.
This document discusses audit reports and their components. It describes the standard unqualified audit report and its typical sections: the report title, address, introductory paragraph, scope paragraph, opinion paragraph, auditor/firm name and signature, address, and date. It also outlines types of modified audit reports including those with an emphasis of matter paragraph, qualified opinions, disclaimers of opinion, and adverse opinions. Conditions that could result in issuing a modified report include scope limitations or disagreements between the auditor and management.
The document summarizes proposed changes to International Standards on Auditing regarding auditor reporting. Key proposals include requiring auditors to communicate key audit matters in listed entity audits, including areas of significant risk, difficulty, or modification to planned procedures. A going concern section would replace emphasis paragraphs on material uncertainties. Auditors would need to explicitly state compliance with independence standards. The engagement partner would be named in listed entity audit reports.
C:\Fakepath\Isa 805 Special Considerations—Audits Of Single Financial Stateme...guest4a971d
This document provides guidance for auditors conducting audits of single financial statements or specific elements of financial statements. It outlines key considerations for accepting the engagement, planning and performing the audit, and forming an opinion and reporting. When auditing a single statement or element, auditors should comply with all relevant auditing standards and determine if such an audit is practicable. They must also evaluate if the applicable financial reporting framework provides adequate disclosures to understand the information presented. The auditor's report must include a separate opinion for each audit engagement and differentiate opinions on single statements from opinions on complete financial statements.
Isa 705 Modifications To The Opinion In The Independent Auditor’S Report En I...guest4a971d
- The document is an International Standard on Auditing (ISA) that provides requirements and guidance for auditors when the audit opinion is modified from an unmodified opinion.
- There are three types of modified opinions: qualified opinion, adverse opinion, and disclaimer of opinion. The type of modification depends on the nature and pervasiveness of the matter giving rise to the modification.
- The auditor is required to modify the opinion if the financial statements are materially misstated or if the auditor is unable to obtain sufficient audit evidence to conclude that the financial statements are free from material misstatement.
The document discusses different types of audit reports that can be issued by an auditor:
- Unqualified or clean report is issued when no issues are found during the audit.
- A qualified report is issued when the auditor has reservations but the financial statements are still fairly presented subject to the auditor's qualifications.
- A disclaimer is issued when the auditor is unable to express an opinion due to limitations or uncertainties.
- An adverse opinion is issued when the financial statements are materially misstated.
- A compartmental report is issued when the auditor can express an opinion on some but not all aspects of the financial statements.
C:\fakepath\isa 810 engagements to report on summary financial statements en ...guest4a971d
The document outlines International Standards on Auditing for engagements to report on summary financial statements. It provides requirements for auditors to:
- Accept the engagement only if they have audited the underlying financial statements
- Determine if the criteria for preparing the summary statements are acceptable
- Obtain management agreement to make the audited statements available and include the auditor's report
- Compare the summary statements to the audited statements to evaluate if they are consistent
- Evaluate if the summary statements properly disclose their nature and provide necessary information without being misleading.
C:\Fakepath\Isa 710 Comparative Information—Corresponding Figures And Compara...guest4a971d
This document is an International Standard on Auditing (ISA) that addresses the auditor's responsibilities relating to comparative information in an audit of financial statements. It discusses two approaches to comparative information - corresponding figures and comparative financial statements. It provides requirements and guidance for the auditor regarding audit procedures on comparative information and audit reporting related to comparative information. The document contains definitions, requirements for audit procedures and audit reporting, and application guidance including illustrations of auditor's reports.
The document summarizes the key changes introduced by the Standards on Auditing (SA) 700 (Revised), SA 705, and SA 706 issued by the Auditing and Assurance Standards Board of the Institute of Chartered Accountants of India regarding the format and content of audit reports. Specifically, it provides a comparative analysis of the old versus new audit report formats, explains the types of modified audit opinions under SA 705, and the use of emphasis of matter and other matter paragraphs in audit reports as per SA 706. The document aims to explain the implications of the revised standards for auditors in India.
The document outlines the key elements that must be included in an auditor's report according to the Companies Ordinance 1984. It discusses the required sections of the report including the title, addressee, opening paragraph, scope paragraph, opinion paragraph, date of report, auditor's address and signature. It also describes the types of opinions that can be issued - unqualified, qualified, disclaimer of opinion, and adverse opinion - and the circumstances under which each would be appropriate.
An audit report summarizes an auditor's examination of a company's financial statements. It assesses whether the statements are fairly presented in accordance with accounting standards. The report includes an introduction stating management and auditor responsibilities. It describes the audit scope and provides an opinion on whether the financial statements achieve a true and fair view. The report is addressed to shareholders and dated and signed by the auditor.
This document is an International Standard on Auditing (UK) that provides requirements and guidance for auditors when modifying their audit opinion on financial statements. The standard outlines three types of modified opinions - qualified, adverse, and disclaimer of opinion. It provides requirements for determining the appropriate type of modification and for the form and content of the auditor's report when the opinion is modified, including specific elements that must be included in the report. The standard also addresses circumstances that would require a modification to the opinion and communicating any modifications to management and those charged with governance.
C:\Fakepath\Isa 800 Special Considerations—Audits Of Financial Statements Pre...guest4a971d
- The document provides international standards on auditing special purpose financial statements prepared under a special purpose framework.
- It outlines requirements for accepting the engagement, planning and performing the audit, and forming an opinion and reporting considerations.
- Appendices include examples of auditor's reports on special purpose financial statements prepared for a tax basis, regulatory compliance, and contractual compliance.
This document discusses audit reports and their components. It describes the standard unqualified audit report and its typical sections: the report title, address, introductory paragraph, scope paragraph, opinion paragraph, auditor/firm name and signature, address, and date. It also outlines types of modified audit reports including those with an emphasis of matter paragraph, qualified opinions, disclaimers of opinion, and adverse opinions. Conditions that could result in issuing a modified report include scope limitations or disagreements between the auditor and management.
The document summarizes proposed changes to International Standards on Auditing regarding auditor reporting. Key proposals include requiring auditors to communicate key audit matters in listed entity audits, including areas of significant risk, difficulty, or modification to planned procedures. A going concern section would replace emphasis paragraphs on material uncertainties. Auditors would need to explicitly state compliance with independence standards. The engagement partner would be named in listed entity audit reports.
This document is the International Standard on Auditing (UK) 710 regarding an auditor's responsibilities for comparative information, including corresponding figures and comparative financial statements. It provides requirements and guidance for audit procedures and audit reporting related to comparative information. The standard addresses determining whether comparative information is properly presented and classified, evaluating corresponding figures and accounting policy consistency, obtaining written representations, and modifying the auditor's report if issues are identified.
This document is International Standard on Auditing (UK) 701 which establishes requirements and guidance for communicating key audit matters in the auditor's report. It requires the auditor to determine key audit matters from those matters communicated with those charged with governance and describes how and why those matters were determined to be significant. The standard provides requirements on communicating key audit matters in the auditor's report and exceptions to communicating certain matters. It also addresses interacting key audit matters with other elements in the report and documentation requirements.
The document discusses changes to auditor reporting standards in ISA 700 and ISA 701. The goals of the changes are to highlight significant matters from the audit, introduce an explicit statement of auditor independence, and restructure reports to put the opinion and entity-specific information first. Key components of the new audit report include the opinion, basis for opinion, going concern matters, key audit matters for listed entities, and descriptions of management and auditor responsibilities. The new standards take effect for periods ending after 15 December 2016. Key audit matters are the most significant matters communicated to governance and involve areas requiring significant management judgment.
This document summarizes an International Standard on Auditing (UK) that deals with forming an opinion and reporting on financial statements. It provides requirements and guidance for auditors on:
- Forming an opinion on whether financial statements are prepared in accordance with the applicable financial reporting framework.
- Expressing the auditor's opinion through the auditor's report, including addressing, opinion section, basis for opinion section, and other reporting responsibilities.
- Addressing supplementary information presented with financial statements.
The document discusses the auditor's report on financial statements. It describes the standard components of an unqualified auditor's report, including identifying the entity and financial statements, management and auditor responsibilities, and the auditor's opinion. It also covers types of modifications to the standard report, such as qualified opinions, adverse opinions, and disclaimers of opinion due to limitations in scope or disagreements with management. The document notes that subsequent events may require reissuing the auditor's report.
Audit reports under cos act 2013 and sa 700 revised april 15Ashok Seth
This document provides an overview of various auditing standards for reporting, including:
- SA 700 (Revised) on forming an opinion and the auditor's report. It discusses requirements for unmodified and modified opinions.
- Illustrative auditor's reports are provided under the Companies Act 2013 financial reporting framework for unmodified opinions with and without internal control reporting, and for qualified, adverse, and disclaimer opinions.
- SA 705 on modifications to the auditor's opinion, including the different types of modifications and their required form and content in the report.
- SA 706 on emphasis of matter and other matter paragraphs that can be included in the auditor's report.
The document discusses the objectives, requirements, and
The document summarizes key aspects of an examinable supplement issued by ICAP related to auditing. It covers 5 learning objectives:
1. Elements of an auditor's report under ISA 700 (revised).
2. Differences between report formats under ISA 700 versus Form 35A.
3. Determining and communicating key audit matters to those charged with governance.
4. Communication of key audit matters in the auditor's report for listed entities.
5. Revised definition and examples of emphasis of matter.
This document outlines an International Standard on Auditing regarding an auditor's responsibility to communicate key audit matters in the auditor's report. Key audit matters are those matters that were of most significance in the audit of the financial statements of the current period and are selected from matters that were communicated with those charged with governance. The auditor's report must describe each key audit matter, why it was considered significant, how it was addressed in the audit, and any related disclosures. If there are no key audit matters, the report will include a statement to that effect.
The document is an International Standard on Auditing (ISA) regarding written representations. It:
1) Requires the auditor to request written representations from management about management's responsibilities for preparing the financial statements and providing information to the auditor.
2) States that the auditor must request written representations to confirm matters or support other audit evidence relevant to specific assertions in the financial statements, if determined necessary.
3) Specifies that written representations should be dated as near as practicable to the auditor's report date and cover all periods referred to in that report.
The document summarizes key changes to auditor reporting standards in India, including:
1) A new section on Key Audit Matters which communicates matters of most significance in the audit.
2) Enhanced descriptions of management and auditor responsibilities relating to going concern assessments and disclosures.
3) Expanded descriptions of the auditor's responsibilities, including clarifying the concept of a risk-based audit and specific matters like fraud and internal controls.
This document is International Standard on Review Engagements (ISRE) 2400 (Revised), which provides requirements and guidance for practitioners performing review engagements of historical financial statements. It covers the objectives of a review engagement, definitions of key terms, requirements for conducting the engagement in accordance with the ISRE, and quality control procedures. The ISRE addresses acceptance and continuance of client relationships and review engagements, communication with management, performing the engagement procedures, evaluating evidence, forming a conclusion, and reporting. It aims to enhance the degree of confidence of intended users in the financial statements through obtaining limited assurance primarily using inquiry and analytical procedures.
This document summarizes International Standard on Auditing (UK) 450 (Revised June 2016) regarding the evaluation of misstatements identified during an audit. The standard establishes requirements and guidance for the auditor to:
1) Accumulate misstatements identified during the audit, except those that are clearly trivial.
2) Consider whether the audit approach needs to change if misstatements indicate other issues or if accumulated misstatements approach materiality levels.
3) Communicate all accumulated misstatements to management and request correction.
4) Evaluate the effect of uncorrected misstatements, including considering their nature, size and circumstances, and whether they are material to the financial statements individually or in aggregate.
Income Tax Rules 1984 updated upto July 2022Masum Gazi
This document provides a summary of the Income Tax Rules, 1984 (as amended up to July 2022) in Bangladesh. It was compiled by Masum Gazi in association with Mahmudul Hasan. The document contains definitions, forms, procedures, and other information related to income tax deductions, assessments, exemptions, and compliance according to the Income Tax Ordinance of Bangladesh. It disclaims that if any context contradicts official NBR publications, the official publications take precedence. The document was last amended in January 1985.
The document provides guidelines for VAT deduction at source (VDS) in Bangladesh, including a table comparing VAT rates for services for the 2022-2023 and 2021-2022 fiscal years. Key points:
- Withholding entities must deduct VAT from payments to suppliers, except when Mushak-6.3 forms are provided. VAT is mandatorily deducted for certain services marked "Yes" in column 6.
- VAT rates for many services increased slightly or remained the same as the previous fiscal year, as shown in the table.
- Requirements are outlined for withholding entities, suppliers, and penalties for non-compliance with VAT deduction.
TDS u/s 52 for payment against contract/supply of goodsMasum Gazi
All about Tax Deduction at Source (TDS) under section 52 and rule 16 for the execution of a contract, supply of goods, manufacture, process or conversion, printing, packaging or binding, etc. applicable for Financial Year (FY) 2021-2022.
In a manufacturing and trading business, almost 50%-70% deduction falls under section 52 and rules 16. So if the deduction under section 52 complies, then 50%-70% deduction compliance has been made by the organization.
The Income Tax Rules 1984 updated up to July 2021Masum Gazi
The document is a compilation of the Income Tax Rules, 1984 of Bangladesh. It contains an introduction, a table of contents listing 75 rules and their corresponding sections in the Income Tax Ordinance, 1984. The rules cover various tax procedures and compliance requirements such as registration of firms, maintenance of accounts, tax deductions, tax returns, assessments, appeals, recovery of taxes owed, and exemptions.
Rates of TDS or TCS and regular requirements under income tax ordinance and r...Masum Gazi
This document provides guidelines for tax deducted at source (TDS) and tax collected at source (TCS) requirements and other regular requirements under the Income Tax Ordinance and Rules of Bangladesh. It discusses the various types of income from which tax must be deducted or collected, when and how the deducted/collected amounts must be deposited, requirements for monthly statements and advance tax payments, and consequences for non-compliance. The guidelines are intended to help ensure proper compliance with Bangladesh's TDS/TCS and regular income tax obligations.
Guidelines for vat deduction at source and vat rate for 2021 22-updated 02 ju...Masum Gazi
Guidelines for VAT Deduction at Source (VDS) and VAT & SD Rate for the FY 2021-2022 compared with the FY 2020-2021 updated as per SRO 240/2021; dated: 29 June 2021.
Concept of Provident, Gratuity, Workers Profit Participation & Workers Welfar...Masum Gazi
The Concept/ summary of Provident, Gratuity, Workers Profit Participation & Workers Welfare Fund at a glance and its Formation, Recognition from NBR and Management Process
Income Tax Ordinance 1984 ( as amended July 2020)Masum Gazi
This document provides an overview and table of contents for the Income Tax Manual Part I which covers the Income Tax Ordinance, 1984 of Bangladesh (as amended up to July 2020). It was compiled by Masum Gazi and provides disclaimers, contact information for the compiler, and sections covered in Part I. Key sections included in Part I relate to definitions, income tax authorities and their powers, taxes and charges, computation of income, exemptions, payment of tax, returns, assessments, and special provisions.
TDS rate in Bangladesh for the FY 20-21 in comparison with FY 19-20 and regul...Masum Gazi
Tax Deducted at Source (TDS)/Collected at Source (TCS) in Bangladesh for the FY 2020-21 in comparison with the FY 2019-20 and regular requirements/compliance under Income Tax Ordinance and Rules 1984 in Bangladesh.
VDS Guideline and VAT rate for the FY 2020-2021Masum Gazi
Guideline for VAT deduction/collection at source as per VDS Rules 2020 (SRO. No. 149-Law/2020/110-Mushak, dated 11 June 2020 & SRO. No. 180-Law/2020/120-Mushak, Dated: 30 June 2020) and VAT rate for all services for the FY 2020-2021 in comparison with FY 2019-2020 updated on 30 June 2020
VDS Guideline and VAT Rate for the FY 2020-2021 in comparison with FY 2019-2020Masum Gazi
Guideline for VAT deduction/ collection at source as per VDS order 2020 (SRO. No. 149-Law/2020/110-Mushak) and VAT rate for all services for the FY 2020-2021 in comparison with the FY 2019-2020.
Irrespective of turnover mandatory VAT registration for organizationsMasum Gazi
Irrespective of turnover mandatory VAT registration for the service provider of indenting agency, freight forwarder, clearing and forwarding agent, audit & accounting firm, insurance, security service provider, decorators and caters, transportation, an engineering firm, picnic sports, lottery ticket seller, online product selling, manpower service provider, graphics designer, satellite cable operator, lessor, renter of capital machinery etc.
Public notice regarding e-BIN and guidelines for filing information in online...Masum Gazi
Public notice for updating e-BIN information in IVAS system or taking new VAT registration/Turnover enlistment number by 31 July 2019 upon filing required information of Mushak-2.1. and guidelines for filling Mushak-2.1.
🔥🔥🔥🔥🔥🔥🔥🔥🔥
إضغ بين إيديكم من أقوى الملازم التي صممتها
ملزمة تشريح الجهاز الهيكلي (نظري 3)
💀💀💀💀💀💀💀💀💀💀
تتميز هذهِ الملزمة بعِدة مُميزات :
1- مُترجمة ترجمة تُناسب جميع المستويات
2- تحتوي على 78 رسم توضيحي لكل كلمة موجودة بالملزمة (لكل كلمة !!!!)
#فهم_ماكو_درخ
3- دقة الكتابة والصور عالية جداً جداً جداً
4- هُنالك بعض المعلومات تم توضيحها بشكل تفصيلي جداً (تُعتبر لدى الطالب أو الطالبة بإنها معلومات مُبهمة ومع ذلك تم توضيح هذهِ المعلومات المُبهمة بشكل تفصيلي جداً
5- الملزمة تشرح نفسها ب نفسها بس تكلك تعال اقراني
6- تحتوي الملزمة في اول سلايد على خارطة تتضمن جميع تفرُعات معلومات الجهاز الهيكلي المذكورة في هذهِ الملزمة
واخيراً هذهِ الملزمة حلالٌ عليكم وإتمنى منكم إن تدعولي بالخير والصحة والعافية فقط
كل التوفيق زملائي وزميلاتي ، زميلكم محمد الذهبي 💊💊
🔥🔥🔥🔥🔥🔥🔥🔥🔥
This document provides an overview of wound healing, its functions, stages, mechanisms, factors affecting it, and complications.
A wound is a break in the integrity of the skin or tissues, which may be associated with disruption of the structure and function.
Healing is the body’s response to injury in an attempt to restore normal structure and functions.
Healing can occur in two ways: Regeneration and Repair
There are 4 phases of wound healing: hemostasis, inflammation, proliferation, and remodeling. This document also describes the mechanism of wound healing. Factors that affect healing include infection, uncontrolled diabetes, poor nutrition, age, anemia, the presence of foreign bodies, etc.
Complications of wound healing like infection, hyperpigmentation of scar, contractures, and keloid formation.
Elevate Your Nonprofit's Online Presence_ A Guide to Effective SEO Strategies...TechSoup
Whether you're new to SEO or looking to refine your existing strategies, this webinar will provide you with actionable insights and practical tips to elevate your nonprofit's online presence.
A Visual Guide to 1 Samuel | A Tale of Two HeartsSteve Thomason
These slides walk through the story of 1 Samuel. Samuel is the last judge of Israel. The people reject God and want a king. Saul is anointed as the first king, but he is not a good king. David, the shepherd boy is anointed and Saul is envious of him. David shows honor while Saul continues to self destruct.
This presentation was provided by Rebecca Benner, Ph.D., of the American Society of Anesthesiologists, for the second session of NISO's 2024 Training Series "DEIA in the Scholarly Landscape." Session Two: 'Expanding Pathways to Publishing Careers,' was held June 13, 2024.
This presentation was provided by Racquel Jemison, Ph.D., Christina MacLaughlin, Ph.D., and Paulomi Majumder. Ph.D., all of the American Chemical Society, for the second session of NISO's 2024 Training Series "DEIA in the Scholarly Landscape." Session Two: 'Expanding Pathways to Publishing Careers,' was held June 13, 2024.
THE SACRIFICE HOW PRO-PALESTINE PROTESTS STUDENTS ARE SACRIFICING TO CHANGE T...indexPub
The recent surge in pro-Palestine student activism has prompted significant responses from universities, ranging from negotiations and divestment commitments to increased transparency about investments in companies supporting the war on Gaza. This activism has led to the cessation of student encampments but also highlighted the substantial sacrifices made by students, including academic disruptions and personal risks. The primary drivers of these protests are poor university administration, lack of transparency, and inadequate communication between officials and students. This study examines the profound emotional, psychological, and professional impacts on students engaged in pro-Palestine protests, focusing on Generation Z's (Gen-Z) activism dynamics. This paper explores the significant sacrifices made by these students and even the professors supporting the pro-Palestine movement, with a focus on recent global movements. Through an in-depth analysis of printed and electronic media, the study examines the impacts of these sacrifices on the academic and personal lives of those involved. The paper highlights examples from various universities, demonstrating student activism's long-term and short-term effects, including disciplinary actions, social backlash, and career implications. The researchers also explore the broader implications of student sacrifices. The findings reveal that these sacrifices are driven by a profound commitment to justice and human rights, and are influenced by the increasing availability of information, peer interactions, and personal convictions. The study also discusses the broader implications of this activism, comparing it to historical precedents and assessing its potential to influence policy and public opinion. The emotional and psychological toll on student activists is significant, but their sense of purpose and community support mitigates some of these challenges. However, the researchers call for acknowledging the broader Impact of these sacrifices on the future global movement of FreePalestine.
Beyond Degrees - Empowering the Workforce in the Context of Skills-First.pptxEduSkills OECD
Iván Bornacelly, Policy Analyst at the OECD Centre for Skills, OECD, presents at the webinar 'Tackling job market gaps with a skills-first approach' on 12 June 2024
1. INTERNATIONAL STANDARD ON AUDITING 706 (REVISED)
EMPHASIS OF MATTER PARAGRAPHS AND OTHER MATTER
PARAGRAPHS IN THE INDEPENDENT AUDITOR’S REPORT
(Effective for audits of financial statements for periods ending on or after December 15, 2016)
CONTENTS
Paragraph
Introduction
Scope of this ISA .................................................................................................................. 1–4
Effective Date ....................................................................................................................... 5
Objective ............................................................................................................................. 6
Definitions ........................................................................................................................... 7
Requirements
Emphasis of Matter Paragraphs in the Auditor’s Report ...................................................... 8–9
Other Matter Paragraphs in the Auditor’s Report ................................................................ 10–11
Communication with Those Charged with Governance ....................................................... 12
Application and Other Explanatory Material
The Relationship between Emphasis of Matter Paragraphs and Key Audit Matters in the
Auditor’s Report ............................................................................................................. A1–A3
Circumstances in Which an Emphasis of Matter Paragraph May Be Necessary ................ A4–A6
Including an Emphasis of Matter Paragraph in the Auditor’s Report ................................... A7–A8
Other Matter Paragraphs in the Auditor’s Report ................................................................ A9–A15
Placement of Emphasis of Matter Paragraphs and Other Matter Paragraphs in the
Auditor’s Report ............................................................................................................. A16–A17
Communication with Those Charged with Governance ....................................................... A18
Appendix 1: List of ISAs Containing Requirements for Emphasis of Matter Paragraphs
Appendix 2: List of ISAs Containing Requirements for Other Matter Paragraphs
Appendix 3: Illustration of an Auditor’s Report that Includes a Key Audit Matters Section,
an Emphasis of Matter Paragraph, and an Other Matter Paragraph
Appendix 4: Illustration of an Auditor’s Report Containing a Qualified Opinion Due to a
Departure from the Applicable Financial Reporting Framework and that Includes an
Emphasis of Matter Paragraph
2. ISA 706 (REVISED), EMPHASIS OF MATTER PARAGRAPHS AND OTHER MATTER PARAGRAPHS IN THE INDEPENDENT
AUDITOR’S REPORT
International Standard on Auditing (ISA) 706 (Revised), Emphasis of Matter Paragraphs and Other Matter
Paragraphs in the Independent Auditor’s Report, should be read in conjunction with ISA 200, Overall
Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with International
Standards on Auditing.
3. ISA 706 (REVISED), EMPHASIS OF MATTER PARAGRAPHS AND OTHER MATTER PARAGRAPHS IN THE INDEPENDENT
AUDITOR’S REPORT
Introduction
Scope of this ISA
1. This International Standard on Auditing (ISA) deals with additional communication in the auditor’s
report when the auditor considers it necessary to:
(a) Draw users’ attention to a matter or matters presented or disclosed in the financial
statements that are of such importance that they are fundamental to users’ understanding of
the financial statements; or
(b) Draw users’ attention to any matter or matters other than those presented or disclosed in the
financial statements that are relevant to users’ understanding of the audit, the auditor’s
responsibilities or the auditor’s report.
2. ISA 701
1
establishes requirements and provides guidance when the auditor determines key audit
matters and communicates them in the auditor’s report. When the auditor includes a Key Audit
Matters section in the auditor’s report, this ISA addresses the relationship between key audit
matters and any additional communication in the auditor’s report in accordance with this ISA. (Ref:
Para. A1–A3)
3. ISA 570 (Revised)
2
establishes requirements and provides guidance about communication in the
auditor’s report relating to going concern.
4. Appendices 1 and 2 identify ISAs that contain specific requirements for the auditor to include
Emphasis of Matter paragraphs or Other Matter paragraphs in the auditor’s report. In those
circumstances, the requirements in this ISA regarding the form of such paragraphs apply. (Ref:
Para. A4)
Effective Date
5. This ISA is effective for audits of financial statements for periods ending on or after December 15,
2016.
Objective
6. The objective of the auditor, having formed an opinion on the financial statements, is to draw users’
attention, when in the auditor’s judgment it is necessary to do so, by way of clear additional
communication in the auditor’s report, to:
(a) A matter, although appropriately presented or disclosed in the financial statements, that is of
such importance that it is fundamental to users’ understanding of the financial statements; or
(b) As appropriate, any other matter that is relevant to users’ understanding of the audit, the
auditor’s responsibilities or the auditor’s report.
1
ISA 701, Communicating Key Audit Matters in the Independent Auditor’s Report
2
ISA 570 (Revised), Going Concern
4. ISA 706 (REVISED), EMPHASIS OF MATTER PARAGRAPHS AND OTHER MATTER PARAGRAPHS IN THE INDEPENDENT
AUDITOR’S REPORT
Definitions
7. For purposes of the ISAs, the following terms have the meanings attributed below:
(a) Emphasis of Matter paragraph – A paragraph included in the auditor’s report that refers to a
matter appropriately presented or disclosed in the financial statements that, in the auditor’s
judgment, is of such importance that it is fundamental to users’ understanding of the financial
statements.
(b) Other Matter paragraph – A paragraph included in the auditor’s report that refers to a matter
other than those presented or disclosed in the financial statements that, in the auditor’s
judgment, is relevant to users’ understanding of the audit, the auditor’s responsibilities or the
auditor’s report.
Requirements
Emphasis of Matter Paragraphs in the Auditor’s Report
8. If the auditor considers it necessary to draw users’ attention to a matter presented or disclosed in
the financial statements that, in the auditor’s judgment, is of such importance that it is fundamental
to users’ understanding of the financial statements, the auditor shall include an Emphasis of Matter
paragraph in the auditor’s report provided: (Ref: Para. A5–A6)
(a) The auditor would not be required to modify the opinion in accordance with ISA 705
(Revised)
3
as a result of the matter; and
(b) When ISA 701 applies, the matter has not been determined to be a key audit matter to be
communicated in the auditor’s report. (Ref: Para. A1–A3)
9. When the auditor includes an Emphasis of Matter paragraph in the auditor’s report, the auditor
shall:
(a) Include the paragraph within a separate section of the auditor’s report with an appropriate
heading that includes the term “Emphasis of Matter”;
(b) Include in the paragraph a clear reference to the matter being emphasized and to where
relevant disclosures that fully describe the matter can be found in the financial statements.
The paragraph shall refer only to information presented or disclosed in the financial
statements; and
(c) Indicate that the auditor’s opinion is not modified in respect of the matter emphasized. (Ref:
Para. A7–A8, A16–A17)
3
ISA 705 (Revised), Modifications to the Opinion in the Independent Auditor’s Report
5. ISA 706 (REVISED), EMPHASIS OF MATTER PARAGRAPHS AND OTHER MATTER PARAGRAPHS IN THE INDEPENDENT
AUDITOR’S REPORT
Other Matter Paragraphs in the Auditor’s Report
10. If the auditor considers it necessary to communicate a matter other than those that are presented
or disclosed in the financial statements that, in the auditor’s judgment, is relevant to users’
understanding of the audit, the auditor’s responsibilities or the auditor’s report, the auditor shall
include an Other Matter paragraph in the auditor’s report, provided:
(a) This is not prohibited by law or regulation; and
(b) When ISA 701 applies, the matter has not been determined to be a key audit matter to be
communicated in the auditor’s report. (Ref: Para. A9–A14)
11. When the auditor includes an Other Matter paragraph in the auditor’s report, the auditor shall
include the paragraph within a separate section with the heading “Other Matter,” or other
appropriate heading. (Ref: Para. A15–A17)
Communication with Those Charged with Governance
12. If the auditor expects to include an Emphasis of Matter or an Other Matter paragraph in the
auditor’s report, the auditor shall communicate with those charged with governance regarding this
expectation and the wording of this paragraph. (Ref: Para. A18)
***
Application and Other Explanatory Material
The Relationship between Emphasis of Matter Paragraphs and Key Audit Matters in the Auditor’s
Report (Ref: Para. 2, 8(b))
A1. Key audit matters are defined in ISA 701 as those matters that, in the auditor’s professional
judgment, were of most significance in the audit of the financial statements of the current period.
Key audit matters are selected from matters communicated with those charged with governance,
which include significant findings from the audit of the financial statements of the current period.
4
Communicating key audit matters provides additional information to intended users of the financial
statements to assist them in understanding those matters that, in the auditor’s professional
judgment, were of most significance in the audit and may also assist them in understanding the
entity and areas of significant management judgment in the audited financial statements. When ISA
701 applies, the use of Emphasis of Matter paragraphs is not a substitute for a description of
individual key audit matters.
A2. Matters that are determined to be key audit matters in accordance with ISA 701 may also be, in the
auditor’s judgment, fundamental to users’ understanding of the financial statements. In such cases,
in communicating the matter as a key audit matter in accordance with ISA 701, the auditor may
wish to highlight or draw further attention to its relative importance. The auditor may do so by
presenting the matter more prominently than other matters in the Key Audit Matters section (e.g.,
as the first matter) or by including additional information in the description of the key audit matter to
indicate the importance of the matter to users’ understanding of the financial statements.
A3. There may be a matter that is not determined to be a key audit matter in accordance with ISA 701
4
ISA 260 (Revised), Communication with Those Charged with Governance, paragraph 16
6. ISA 706 (REVISED), EMPHASIS OF MATTER PARAGRAPHS AND OTHER MATTER PARAGRAPHS IN THE INDEPENDENT
AUDITOR’S REPORT
(i.e., because it did not require significant auditor attention), but which, in the auditor’s judgment, is
fundamental to users’ understanding of the financial statements (e.g., a subsequent event). If the
auditor considers it necessary to draw users’ attention to such a matter, the matter is included in an
Emphasis of Matter paragraph in the auditor’s report in accordance with this ISA.
Circumstances in Which an Emphasis of Matter Paragraph May Be Necessary (Ref: Para. 4, 8)
A4. Appendix 1 identifies ISAs that contain specific requirements for the auditor to include Emphasis of
Matter paragraphs in the auditor’s report in certain circumstances. These circumstances include:
• When a financial reporting framework prescribed by law or regulation would be unacceptable
but for the fact that it is prescribed by law or regulation.
• To alert users that the financial statements are prepared in accordance with a special
purpose framework.
• When facts become known to the auditor after the date of the auditor’s report and the auditor
provides a new or amended auditor’s report (i.e., subsequent events).
5
A5. Examples of circumstances where the auditor may consider it necessary to include an Emphasis of
Matter paragraph are:
• An uncertainty relating to the future outcome of exceptional litigation or regulatory action.
• A significant subsequent event that occurs between the date of the financial statements and
the date of the auditor’s report.
6
• Early application (where permitted) of a new accounting standard that has a material effect
on the financial statements.
• A major catastrophe that has had, or continues to have, a significant effect on the entity’s
financial position.
A6. However, a widespread use of Emphasis of Matter paragraphs may diminish the effectiveness of
the auditor’s communication about such matters.
Including an Emphasis of Matter Paragraph in the Auditor’s Report (Ref: Para. 9)
A7. The inclusion of an Emphasis of Matter paragraph in the auditor’s report does not affect the
auditor’s opinion. An Emphasis of Matter paragraph is not a substitute for:
(a) A modified opinion in accordance with ISA 705 (Revised) when required by the
circumstances of a specific audit engagement;
(b) Disclosures in the financial statements that the applicable financial reporting framework
requires management to make, or that are otherwise necessary to achieve fair presentation;
or
5
ISA 560, Subsequent Events, paragraphs 12(b) and 16
6
ISA 560, paragraph 6
7. ISA 706 (REVISED), EMPHASIS OF MATTER PARAGRAPHS AND OTHER MATTER PARAGRAPHS IN THE INDEPENDENT
AUDITOR’S REPORT
(c) Reporting in accordance with ISA 570 (Revised)
7
when a material uncertainty exists relating
to events or conditions that may cast significant doubt on an entity’s ability to continue as a
going concern.
A8. Paragraphs A16–A17 provide further guidance on the placement of Emphasis of Matter paragraphs
in particular circumstances.
Other Matter Paragraphs in the Auditor’s Report (Ref: Para. 10–11)
Circumstances in Which an Other Matter Paragraph May Be Necessary
Relevant to Users’ Understanding of the Audit
A9. ISA 260 (Revised) requires the auditor to communicate with those charged with governance about
the planned scope and timing of the audit, which includes communication about the significant risks
identified by the auditor.
8
Although matters relating to significant risks may be determined to be key
audit matters, other planning and scoping matters (e.g., the planned scope of the audit, or the
application of materiality in the context of the audit) are unlikely to be key audit matters because of
how key audit matters are defined in ISA 701. However, law or regulation may require the auditor to
communicate about planning and scoping matters in the auditor’s report, or the auditor may
consider it necessary to communicate about such matters in an Other Matter paragraph.
A10. In the rare circumstance where the auditor is unable to withdraw from an engagement even though
the possible effect of an inability to obtain sufficient appropriate audit evidence due to a limitation
on the scope of the audit imposed by management is pervasive,
9
the auditor may consider it
necessary to include an Other Matter paragraph in the auditor’s report to explain why it is not
possible for the auditor to withdraw from the engagement.
Relevant to Users’ Understanding of the Auditor’s Responsibilities or the Auditor’s Report
A11. Law, regulation or generally accepted practice in a jurisdiction may require or permit the auditor to
elaborate on matters that provide further explanation of the auditor’s responsibilities in the audit of
the financial statements or of the auditor’s report thereon. When the Other Matter section includes
more than one matter that, in the auditor’s judgment, is relevant to users’ understanding of the
audit, the auditor’s responsibilities or the auditor’s report, it may be helpful to use different sub-
headings for each matter.
A12. An Other Matter paragraph does not deal with circumstances where the auditor has other reporting
responsibilities that are in addition to the auditor’s responsibility under the ISAs (see Other
Reporting Responsibilities section in ISA 700 (Revised)
10
), or where the auditor has been asked to
perform and report on additional specified procedures, or to express an opinion on specific matters.
Reporting on more than one set of financial statements
A13. An entity may prepare one set of financial statements in accordance with a general purpose
7
ISA 570 (Revised), paragraphs 22–23
8
ISA 260 (Revised), paragraph 15
9
See paragraph 13(b)(ii) of ISA 705 (Revised) for a discussion of this circumstance.
10
ISA 700 (Revised), Forming an Opinion and Reporting on Financial Statements, paragraphs 42–44
8. ISA 706 (REVISED), EMPHASIS OF MATTER PARAGRAPHS AND OTHER MATTER PARAGRAPHS IN THE INDEPENDENT
AUDITOR’S REPORT
framework (e.g., the national framework) and another set of financial statements in accordance with
another general purpose framework (e.g., International Financial Reporting Standards), and
engage the auditor to report on both sets of financial statements. If the auditor has determined that
the frameworks are acceptable in the respective circumstances, the auditor may include an Other
Matter paragraph in the auditor’s report, referring to the fact that another set of financial statements
has been prepared by the same entity in accordance with another general purpose framework and
that the auditor has issued a report on those financial statements.
Restriction on distribution or use of the auditor’s report
A14. Financial statements prepared for a specific purpose may be prepared in accordance with a
general purpose framework because the intended users have determined that such general
purpose financial statements meet their financial information needs. Since the auditor’s report is
intended for specific users, the auditor may consider it necessary in the circumstances to include
an Other Matter paragraph, stating that the auditor’s report is intended solely for the intended
users, and should not be distributed to or used by other parties.
Including an Other Matter Paragraph in the Auditor’s Report
A15. The content of an Other Matter paragraph reflects clearly that such other matter is not required to
be presented and disclosed in the financial statements. An Other Matter paragraph does not
include information that the auditor is prohibited from providing by law, regulation or other
professional standards, for example, ethical standards relating to confidentiality of information. An
Other Matter paragraph also does not include information that is required to be provided by
management.
Placement of Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Auditor’s Report
(Ref: Para. 9, 11)
A16. The placement of an Emphasis of Matter paragraph or Other Matter paragraph in the auditor’s
report depends on the nature of the information to be communicated, and the auditor’s judgment as
to the relative significance of such information to intended users compared to other elements
required to be reported in accordance with ISA 700 (Revised). For example:
Emphasis of Matter Paragraphs
• When the Emphasis of Matter paragraph relates to the applicable financial reporting
framework, including circumstances where the auditor determines that the financial reporting
framework prescribed by law or regulation would otherwise be unacceptable,
11
the auditor
may consider it necessary to place the paragraph immediately following the Basis of Opinion
section to provide appropriate context to the auditor’s opinion.
• When a Key Audit Matters section is presented in the auditor’s report, an Emphasis of Matter
paragraph may be presented either directly before or after the Key Audit Matters section,
based on the auditor’s judgment as to the relative significance of the information included in
the Emphasis of Matter paragraph. The auditor may also add further context to the heading
11
For example, as required by ISA 210, Agreeing the Terms of Audit Engagements, paragraph 19 and ISA 800, Special
Considerations—Audits of Financial Statements Prepared in Accordance with Special Purpose Frameworks, paragraph 14
9. ISA 706 (REVISED), EMPHASIS OF MATTER PARAGRAPHS AND OTHER MATTER PARAGRAPHS IN THE INDEPENDENT
AUDITOR’S REPORT
“Emphasis of Matter”, such as “Emphasis of Matter – Subsequent Event”, to differentiate the
Emphasis of Matter paragraph from the individual matters described in the Key Audit Matters
section.
Other Matter Paragraphs
• When a Key Audit Matters section is presented in the auditor’s report and an Other Matter
paragraph is also considered necessary, the auditor may add further context to the heading
“Other Matter”, such as “Other Matter – Scope of the Audit”, to differentiate the Other Matter
paragraph from the individual matters described in the Key Audit Matters section.
• When an Other Matter paragraph is included to draw users’ attention to a matter relating to
Other Reporting Responsibilities addressed in the auditor’s report, the paragraph may be
included in the Report on Other Legal and Regulatory Requirements section.
• When relevant to all the auditor’s responsibilities or users’ understanding of the auditor’s
report, the Other Matter paragraph may be included as a separate section following the
Report on the Audit of the Financial Statements and the Report on Other Legal and
Regulatory Requirements.
A17. Appendix 3 is an illustration of the interaction between the Key Audit Matters section, an Emphasis
of Matter paragraph and an Other Matter paragraph when all are presented in the auditor’s report.
The illustrative report in Appendix 4 includes an Emphasis of Matter paragraph in an auditor’s
report for an entity other than a listed entity that contains a qualified opinion and for which key audit
matters have not been communicated.
Communication with Those Charged with Governance (Ref. Para. 12)
A18. The communication required by paragraph 12 enables those charged with governance to be made
aware of the nature of any specific matters that the auditor intends to highlight in the auditor’s
report, and provides them with an opportunity to obtain further clarification from the auditor where
necessary. Where the inclusion of an Other Matter paragraph on a particular matter in the auditor’s
report recurs on each successive engagement, the auditor may determine that it is unnecessary to
repeat the communication on each engagement, unless otherwise required to do so by law or
regulation.
10. Appendix 1
(Ref: Para. 4, A4)
List of ISAs Containing Requirements for Emphasis of Matter Paragraphs
This appendix identifies paragraphs in other ISAs that require the auditor to include an Emphasis of
Matter paragraph in the auditor’s report in certain circumstances. The list is not a substitute for
considering the requirements and related application and other explanatory material in ISAs.
• ISA 210, Agreeing the Terms of Audit Engagements – paragraph 19(b)
• ISA 560, Subsequent Events – paragraphs 12(b) and 16
• ISA 800, Special Considerations—Audits of Financial Statements Prepared in Accordance with
Special Purpose Frameworks – paragraph 14
11. ISA 706 (REVISED), EMPHASIS OF MATTER PARAGRAPHS AND OTHER MATTER PARAGRAPHS IN THE INDEPENDENT
AUDITOR’S REPORT
Appendix 2
(Ref: Para. 4)
List of ISAs Containing Requirements for Other Matter Paragraphs
This appendix identifies paragraphs in other ISAs that require the auditor to include an Other Matter
paragraph in the auditor’s report in certain circumstances. The list is not a substitute for considering the
requirements and related application and other explanatory material in ISAs.
• ISA 560, Subsequent Events – paragraphs 12(b) and 16
• ISA 710, Comparative Information—Corresponding Figures and Comparative Financial Statements
– paragraphs 13–14, 16–17 and 19
• ISA 720, The Auditor’s Responsibilities Relating to Other Information in Documents Containing
Audited Financial Statements – paragraph 10(a)
12. ISA 706 (REVISED), EMPHASIS OF MATTER PARAGRAPHS AND OTHER MATTER PARAGRAPHS IN THE INDEPENDENT
AUDITOR’S REPORT
Appendix 3
(Ref: Para. A17)
Illustration of an Auditor’s Report that Includes a Key Audit Matters Section, an
Emphasis of Matter Paragraph, and an Other Matter Paragraph
For purposes of this illustrative auditor’s report, the following circumstances are assumed:
• Audit of a complete set of financial statements of a listed entity using a fair presentation framework.
The audit is not a group audit (i.e., ISA 600
1
does not apply).
• The financial statements are prepared by management of the entity in accordance with
International Financial Reporting Standards (IFRSs) (a general purpose framework).
• The terms of the audit engagement reflect the description of management’s responsibility for the
financial statements in ISA 210.
• The auditor has concluded an unmodified (i.e., “clean”) opinion is appropriate based on the audit
evidence obtained.
• The relevant ethical requirements that apply to the audit are those of the jurisdiction.
• 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).
• Between the date of the financial statements and the date of the auditor’s report, there was a fire in
the entity’s production facilities, which was disclosed by the entity as a subsequent event. In the
auditor’s judgment, the matter is of such importance that it is fundamental to users’ understanding
of the financial statements. The matter did not require significant auditor attention in the audit of the
financial statements in the current period.
• Key audit matters have been communicated in accordance with ISA 701.
• Corresponding figures are presented, and the prior period’s financial statements were audited by a
predecessor auditor. The auditor is not prohibited by law or regulation from referring to the
predecessor auditor’s report on the corresponding figures and has decided to do so.
• Those responsible for oversight of the financial statements differ from those responsible for the
preparation of the financial statements.
• In addition to the audit of the financial statements, the auditor has other reporting responsibilities
required under local law.
INDEPENDENT AUDITOR’S REPORT
To the Shareholders of ABC Company [or Other Appropriate Addressee]
Report on the Audit of the Financial Statements2
Opinion
We have audited the financial statements of ABC Company (the Company), which comprise the statement of
1
ISA 600, Special Considerations—Audits of Group Financial Statements (Including the Work of Component Auditors)
13. ISA 706 (REVISED), EMPHASIS OF MATTER PARAGRAPHS AND OTHER MATTER PARAGRAPHS IN THE INDEPENDENT
AUDITOR’S REPORT
financial position as at December 31, 20X1, and the statement of comprehensive income, statement of
changes in equity and statement of cash flows for the year then ended, and notes to the financial statements,
including a summary of significant accounting policies.
In our opinion, the accompanying financial statements present fairly, in all material respects, (or give a true and
fair view of) the financial position of the Company as at December 31, 20X1, and (of) its financial performance
and its cash flows for the year then ended in accordance with International Financial Reporting Standards
(IFRSs).
Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities
under those 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 that are relevant to our audit of the financial statements in [jurisdiction], and we have fulfilled our
other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we
have obtained is sufficient and appropriate to provide a basis for our opinion.
Emphasis of Matter
3
We draw attention to Note X of the financial statements, which describes the effects of a fire in the
Company’s production facilities. Our opinion is not modified in respect of this matter.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of
the financial statements of the current period. These matters were addressed in the context of our audit of the
financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion
on these matters.
[Description of each key audit matter in accordance with ISA 701.]
Other Matter
The financial statements of ABC Company for the year ended December 31, 20X0, were audited by
another auditor who expressed an unmodified opinion on those statements on March 31, 20X1.
Responsibilities of Management and Those Charged with Governance for the Financial
Statements
4
[Reporting in accordance with ISA 700 (Revised) – see Illustration 1 in ISA 700 (Revised).]
2
The sub-title “Report on the Audit of the Financial Statements” is unnecessary in circumstances when the second sub-title
“Report on Other Legal and Regulatory Requirements” is not applicable.
3
As noted in paragraph A16, an Emphasis of Matter paragraph may be presented either directly before or after the Key Audit
Matters section based on the auditor’s judgment as to the relative significance of the information included in the Emphasis of
Matter paragraph.
4
Throughout these illustrative auditor’s 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 particular jurisdiction.
14. ISA 706 (REVISED), EMPHASIS OF MATTER PARAGRAPHS AND OTHER MATTER PARAGRAPHS IN THE INDEPENDENT
AUDITOR’S REPORT
Auditor’s Responsibilities for the Audit of the Financial Statements
[Reporting in accordance with ISA 700 (Revised) – see Illustration 1 in ISA 700 (Revised).]
Report on Other Legal and Regulatory Requirements
[Reporting in accordance with ISA 700 (Revised) – see Illustration 1 in ISA 700 (Revised).]
The engagement partner on the audit resulting in this independent auditor’s report is [name].
[Signature in the name of the audit firm, the personal name of the auditor, or both, as appropriate for the
particular jurisdiction]
[Auditor Address]
[Date]
15. ISA 706 (REVISED), EMPHASIS OF MATTER PARAGRAPHS AND OTHER MATTER PARAGRAPHS IN THE INDEPENDENT
AUDITOR’S REPORT
Appendix 4
(Ref: Para. A8)
Illustration of an Auditor’s Report Containing a Qualified Opinion Due to a
Departure from the Applicable Financial Reporting Framework and that Includes
an Emphasis of Matter Paragraph
For purposes of this illustrative auditor’s report, the following circumstances are assumed:
• Audit of a complete set of financial statements of an entity other than a listed entity using a fair
presentation framework. The audit is not a group audit (i.e., ISA 600 does not apply).
• The financial statements are prepared by management of the entity in accordance with IFRSs (a
general purpose framework).
• The terms of the audit engagement reflect the description of management’s responsibility for the
financial statements in ISA 210.
• A departure from the applicable financial reporting framework resulted in a qualified opinion.
• The relevant ethical requirements that apply to the audit are those of the jurisdiction.
• 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).
• Between the date of the financial statements and the date of the auditor’s report, there was a fire in
the entity’s production facilities, which was disclosed by the entity as a subsequent event. In the
auditor’s judgment, the matter is of such importance that it is fundamental to users’ understanding
of the financial statements. The matter did not require significant auditor attention in the audit of the
financial statements in the current period.
• The auditor is not required, and has otherwise not decided, to communicate key audit matters in
accordance with ISA 701.
• Those responsible for oversight of the financial statements differ from those responsible for the
preparation of the financial statements.
• In addition to the audit of the financial statements, the auditor has other reporting responsibilities
required under local law.
16. ISA 706 (REVISED), EMPHASIS OF MATTER PARAGRAPHS AND OTHER MATTER PARAGRAPHS IN THE INDEPENDENT
AUDITOR’S REPORT
INDEPENDENT AUDITOR’S REPORT
To the Shareholders of ABC Company [or Other Appropriate Addressee]
Report on the Audit of the Financial Statements16
Qualified Opinion
We have audited the financial statements of ABC Company (the Company), which comprise the
statement of financial position as at December 31, 20X1, and the statement of comprehensive income,
statement of changes in equity and statement of cash flows for the year then ended, and notes to the
financial statements, including a summary of significant accounting policies.
In our opinion, except for the effects of the matter described in the Basis for Qualified Opinion section of
our report, the accompanying financial statements present fairly, in all material respects, (or give a true
and fair view of) the financial position of the Company as at December 31, 20X1, and (of) its financial
performance and its cash flows for the year then ended in accordance with International Financial
Reporting Standards (IFRSs).
Basis for Qualified Opinion
The Company’s short-term marketable securities are carried in the statement of financial position at xxx.
Management has not marked these securities to market but has instead stated them at cost, which
constitutes a departure from IFRSs. The Company’s records indicate that had management marked the
marketable securities to market, the Company would have recognized an unrealized loss of xxx in the
statement of comprehensive income for the year. The carrying amount of the securities in the statement
of financial position would have been reduced by the same amount at December 31, 20X1, and income
tax, net income and shareholders’ equity would have been reduced by xxx, xxx and xxx, respectively.
We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities
under those 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 that are relevant to our audit of the financial statements in [jurisdiction], and we have fulfilled our
other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we
have obtained is sufficient and appropriate to provide a basis for our qualified opinion.
Emphasis of Matter – Effects of a Fire
We draw attention to Note X of the financial statements, which describes the effects of a fire in the
Company’s production facilities. Our opinion is not modified in respect of this matter.
Responsibilities of Management and Those Charged with Governance for the Financial
Statements
17
[Reporting in accordance with ISA 700 (Revised) – see Illustration 1 in ISA 700 (Revised).]
16
The sub-title “Report on the Audit of the Financial Statements” is unnecessary in circumstances when the second sub-title
“Report on Other Legal and Regulatory Requirements” is not applicable.
17
Or other terms that are appropriate in the context of the legal framework of the particular jurisdiction
17. ISA 706 (REVISED), EMPHASIS OF MATTER PARAGRAPHS AND OTHER MATTER PARAGRAPHS IN THE INDEPENDENT
AUDITOR’S REPORT
Auditor’s Responsibilities for the Audit of the Financial Statements
[Reporting in accordance with ISA 700 (Revised – see Illustration 1 in ISA 700 (Revised).]
Report on Other Legal and Regulatory Requirements
[Reporting in accordance with ISA 700 (Revised) – see Illustration 1 in ISA 700 (Revised).]
[Signature in the name of the audit firm, the personal name of the auditor, or both, as appropriate for the
particular jurisdiction]
[Auditor Address]
[Date]