Isa 700

In: Business and Management

Submitted By jampk19
Words 10038
Pages 41
INTERNATIONAL STANDARD ON AUDITING 700
FORMING AN OPINION AND REPORTING ON FINANCIAL
STATEMENTS
(Effective for audits of financial statements for periods beginning on or after December 15, 2009)

Introduction
Scope of this ISA
1. This International Standard on Auditing (ISA) deals with the auditor’s responsibility to form an opinion on the financial statements. It also deals with the form and content of the auditor’s report issued as a result of an audit of financial statements.
2. ISA 7051 and ISA 7062 deal with how the form and content of the auditor’s report are affected when the auditor expresses a modified opinion or includes an Emphasis of Matter paragraph or an Other Matter paragraph in the auditor’s report.
3. This ISA is written in the context of a complete set of general purpose financial statements. ISA 8003 deals with special considerations when financial statements are prepared in accordance with a special purpose framework. ISA 8054 deals with special considerations relevant to an audit of a single financial statement or of a specific element, account or item of a financial statement.
4. This ISA promotes consistency in the auditor’s report. Consistency in the auditor’s report, when the audit has been conducted in accordance with ISAs, promotes credibility in the global marketplace by making more readily identifiable those audits that have been conducted in accordance with globally recognized standards. It also helps to promote the user’s understanding and to identify unusual circumstances when they occur.

Effective Date
5. This ISA is effective for audits of financial statements for periods beginning on or after December 15, 2009.

Objectives
6. The objectives of the auditor are:
(a) To form an opinion on the financial statements based on an evaluation of the conclusions drawn from the audit evidence obtained; and
(b) To express…...

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