[mohsinmkg7]

Not Mike, but will give it a go anyways.

You said: “With Other info.the opinion is always unmodified right?”

Yes but not exactly. let me explain. Auditor’s responsibility regarding Other info. is to read it to find any material inconsistencies with financial statements. So if auditor finds any material inconsistency and other info. needs to be amended but management refuses to make changes to other info. auditor should report to those charged with governance. If auditors have reasons to believe that those charged with governance are also involved then as per ISA 720 they can:

a) include an other matters paragraph in auditors report highlighting the material inconsistencies;

b) with hold audit report; or

c) Withdraw from engagement as a last resort (if possible under law and regulations)

[mohsinmkg7]

Yes they are always related parties. IAS 24 excerpt here:

“The entity and the reporting entity are members of the same group (which means that each parent, subsidiary and fellow subsidiary is related to the others).”

Associates and joint ventures are related parties as well.

[mohsinmkg7]

Profit or Loss in itself is not account, just like balance sheet in itself is not an account. However, Profit or Loss consists of Income and Expense accounts, which are nominal accounts

[mohsinmkg7]

@shahidahassan said:
Anyone studying f4 f5 f6 and f5 please join me

Please go to F4,5,6 section. this is about P3

@eithu said:
i am good at calculation not really at writing which paper should i take P4 or P5? any suggestion?

As a matter of fact both involve fair amount of calculations. This choice should be based on many other things not only being easy with calculations because both are mostly calculations. P4 is deeeeep but if you were comfortable with F7,9 then go for it otherwise p5 🙂

[Author]

Posts