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Audited financial statements refer to a complete set of general-purpose financial statements, including the related notes. The related notes ordinarily comprise a summary of significant accounting policies and other explanatory information and any other information required to be included as part of the financial statements by the laws and regulations governing the entity.
The requirements of the applicable financial reporting framework determine the form and content of the financial statements, and what constitutes a complete set of audited financial statements.
It is the auditors’ responsibility to form an opinion on whether the financial statements are prepared, in all material respects, in accordance with the applicable financial reporting framework.
The auditor here shall conclude as to whether he has obtained reasonable assurance about whether the financial statements as a whole are free from any material misstatement, whether due to fraud or error. That conclusion shall take into account: -
When financial statements are prepared in accordance with a fair presentation framework, the evaluation required should also include whether the financial statements achieve fair presentation.
The evaluation as to whether the financial statements achieve fair presentation shall include consideration of:
While framing an opinion on audited financial statements, the auditor shall express an unmodified opinion when he concludes that the Audited financial statements are prepared, in all material respects, in accordance with the applicable financial reporting framework.
But if in case, if the auditor concludes that
The auditor’s report shall be in writing and shall have a title that clearly indicates that it is the report of an independent auditor. And shall be addressed, as appropriate, based on the circumstances of the engagement.
The audit report shall include the following sections : -
Section of Audit Report |
Description |
Auditor's Opinion section |
|
Basis for opinion |
|
Key audit matters |
For audits of complete sets of general purpose financial statements of listed entities, the auditor shall communicate key audit matters in his audit report. |
Responsibility of management for audited financial statements |
|
This section of the auditor’s report shall :
The auditor’s report shall be signed. The report is signed by the auditor (i.e. the engagement partner) in his personal name. Where a partnership firm is appointed as the auditor, the report is signed in the personal name of the auditor and in the name of the audit firm. The partner/proprietor signing the audit report also needs to mention the membership number assigned by the Institute of Chartered Accountants of India.
The audit report shall name a specific location, which is ordinarily the city where the audit report is signed.
The audit report shall be affixed with a date no earlier than the date on which the auditor has obtained sufficient appropriate audit evidence on which to base the auditor’s opinion on the financial statements, including evidence that : -
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