[jazzyjaj]

very well said.

[jazzyjaj]

@mikelittle said:
That sounds ok, but I’m struggling to imagine Lisa asking this again. Surely it’s more a matter of semantics. The difference cannot be crucial in a practical auditing sense – do you really think a client / prospective client is going to turn round to you, having been given advice on two years’ worth of fin stats, and say “But Ms Auditor, what you have explained is surely comparative figures whereas in fact I asked for an explanation of corresponding amounts”

Sorry Mike can you be a little more clear

[jazzyjaj]

I have also had this debate many a times with my mentors and have reached the following conclusion:

– Comparative information is information present in the financial statements of one or more prior periods,

Now the point is, comparative information is present both in corresponding and comparative financial statements, but an auditor does not provide an audit opinion on corresponding figures but does so in a comparative financial statements to each period referred in the financial statements.

So the real difference is in the audit report which specifically mentions audit opinion on prior period in a comparative financial statements.

Please read the illustrations of the ISA 710 which would help you understand this.
Would appreciate if someone could correct me if I am wrong.

[jazzyjaj]

ok agreed, but what about performing calculations whether to perform the Workings before and the main computation afterward or main computation before and refer workings later.

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