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ISA (UK) 700

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AA Exams › ISA (UK) 700

  • This topic has 1 reply, 2 voices, and was last updated 7 months ago by Kim Smith.
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  • July 5, 2022 at 3:18 pm #660008
    Varun.J.Thakkar
    Participant
    • Topics: 47
    • Replies: 50
    • ☆☆

    ISA (UK) 700 requires the auditor to report by exception in the auditors’ reports
    of companies disclosing compliance with the UK Corporate Governance Code

    Dear sir..can u please tell me what does “report by exception” mean?
    Thank you

    July 5, 2022 at 5:16 pm #660020
    Kim Smith
    Keymaster
    • Topics: 100
    • Replies: 6794
    • ☆☆☆☆☆

    This isn’t examinable in AA because there is only one AA exam based on the international ISAs.
    To report “by exception” means just that – the auditor would be silent on matters that have been adequately disclosed in compliance with the code – but draw attention to omissions (for example). This would fall under other reporting responsibilities and so not affect the audit opinion, key audit matters, etc (because it’s not disclosure in the financial statements and it does not fall within the scope of the audit of financial statements).

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