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whats the difference b/w comparative information & corresponding figures according to ISA 710. Please explain this with example.
Comparative information: The amounts and disclosures included in the financial
statements in respect of one or more prior periods in accordance with the applicable
financial reporting framework.There are two ways of presenting comparative information: corresponding figures and comparative financial statements.
The essential audit reporting differences between the approaches are:
(a) For corresponding figures, the auditor’s opinion on the financial statements refers to the current period only; whereas
(b) For comparative financial statements, the auditor’s opinion refers to each period for which financial statements are presented.Generally, the figure placed alongside the current year’s figures are corresponding figures. Comparative financial statements would imply that last periods FS are all included for comparison.
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