ISA 700 (Revised) — Forming an Opinion and Reporting on Financial Statements
ISA 700 (Revised) is an international pronouncement addressing forming an opinion and reporting on the financial statements. It addresses forming an opinion on financial statements and the form and content of the independent auditor’s report for an unmodified opinion. Other standards address circumstances requiring modifications or additional communication.
Worked example
The auditor evaluates the evidence and prepares an appropriately structured report.
Common mistake
An unmodified opinion does not certify every figure as exact or guarantee future viability.
Where it appears in your exams
| Qualification | Exam | Relationship | Period |
|---|---|---|---|
| ACCA | AA | Supporting | September 2026–June 2027 |
| ACCA | AAA (INT) | Supporting | September 2026–June 2027 |