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i have heard from my study fellows that, not all the audit report but some, audit report has been changed. there is another paragraph, to be included, in audit report added i e, other matter..etc. Sir, Please tell me i couldn’t find it from anywhere whether that is true??
Other matters paragraphs you are talking about is not some thing that is changed in the audit report but that concept already exists(Not newly introduced!)
Read Text below which i am going to quote you from an article “A matter of opinion?” in Student AccountantQuote:Matter of Opinion wrote:‘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, The Auditor’s
Responsibilities Relating to Other
Information in Documents Containing
Audited Financial Statements.
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Difference between:
1)Emphasis of matter paragraph
Required to refer to a matter
APPROPRIATELY presented or disclosed in the FSThat in the Auditor’s judgment
is FUNDAMENTAL to:
a)the user’s understanding of the FS2) Other matter paragraph
Required to refer to a matter
NOT presented or disclosed in the FSThat in the Auditor’s judgment
is RELEVANT to:
a)the user’s understanding of the FS
b)the Auditor’s responsibility or
c)the audit report
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