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Hello Sir, I hope you are having a good day!
Kindly make it clear to me that where exactly does an auditor report about inconsistencies between Other info and Financial statements, I read something in the technical articles, the other thing in the kaplan text and the notes…. it’s very confusing…..
If I get a ques about it then what would score me marks? including the inconsistencies in Other matter para or Other info para?
Please help
Please DO download our notes – I have addressed many of the common queries in them – you can easily search in the pdf – see bottom of page 27.
The “other info” para is specifically to report on matters relating to other information included in the annual report in accordance with ISA 720.
“Other matter” is the “catch all” that deals with other matters that might need to be included but aren’t dealt with elsewhere 🙂
Sir I have already studied the topic from your notes, but then when I went onto read the technical articles I got confused between the two, since the ACCA article says:
‘Other matter’ paragraphs are used to refer to matters that have not been disclosed in the financial statements that the auditor believes are significant to user understanding. One usage of these paragraphs is where the auditor concludes that there is a material inconsistency between the audited financial statements and the other (unaudited) information contained within the annual report and accounts, as required by ISA 720,”
Is this article outdated or something?
The article isn’t written “by a member of the examining team” and has been simplified – if the “matter” concerns ISA 720 it would be headed “Other Information” (in accordance with ISA 720) – if it’s something else – it will be headed “Other Matter”.
Other matters are rarely encountered in practice – as I said “a catch all”. In AA you are most likely to see it’s mention in a distractor to an OT question (e.g. where other options are Modified Opinion, Emphasis of Matter, Other Information).
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