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Hello Mike
As you mentioned any question i can ask here
So heres my first question in P7 forums
ISA 706, is there any amendment ? I’m a bit confused as i read some old past years ..It says Emphasis of Matter is only for the disclosure of something that already accounted for
While i read June 2015 P7 past year papers ..And it says Emphasis of Matter can disclose something that is waiting for future outcome
Hope you could correct me it
Thanks!
This is an extract from the course notes
“in summary, the audit report will be modified in the following situations:
? matters that do not affect the auditors’ opinion:
? emphasis of matter – required to refer to a matter which is appropriately presented or disclosed in the financial statements but, in the auditors’ judgement, is fundamental to the users’ understanding of the financial statements”
I think that answers your question!
Hello Mike
Thanks for the confirmation ..Guess some of the old past year papers answers are not reliable anymore..I should sort it out soon
Thanks again!
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