Other Information.

This topic has 9 replies, 2 voices, and was last updated 10 months ago by Kim Smith.

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August 27, 2021 at 3:19 pm #633139
akka17bakka
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Hello Tutor,

Could you please help me about the treatment if there is material incosnistency and misstatements of fact discovered in the other information.

Material Inconsistency:

1. If F/S are to be amended and the management refuse to amend : Audit report is to be qualified.

2. If Other Information is to be amended and management refuse to amend : An EOMP is needed.

Misstatements of Fact:

3. Here, is prior to audit report and after the audit report differentiation necessary?

4. How is Misstatement of Fact be reported, please?

Thanks.
August 27, 2021 at 3:38 pm #633146
Kim Smith
Keymaster
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1. Yes

2. NO – an EOMP can NEVER be used other than to draw attention to a matter that has been adequately disclosed. SEE Chapter 23 s.3.8 – an “Other information” para is quite separate.

3. No it’s not.

4. If misstatement in FS – would call for a modified opinion (if not corrected) – if in “other info” then the “other info” para.
August 27, 2021 at 5:48 pm #633161
akka17bakka
- Topics: 73
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Thank You.

https://www.ifac.org/system/files/publications/files/ISA-706-Revised_0.pdf

Here in Appendix 2, there is a list which provided ISA which contains requirement of Other Matter paragraph. ISA 706 is also mentioned?

Thanks.
August 27, 2021 at 6:01 pm #633164
Kim Smith
Keymaster
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Appx 2:

“ISA 560, Subsequent Events – paragraphs 12(b) and 16
• ISA 710, Comparative Information—Corresponding Figures and Comparative Financial Statements
– paragraphs 13–14, 16–17 and 19
• ISA 720, The Auditor’s Responsibilities Relating to Other Information in Documents Containing
Audited Financial Statements – paragraph 10(a)”

I see no mention of ISA 706 – I don’t know what you are asking.
August 27, 2021 at 6:43 pm #633165
akka17bakka
- Topics: 73
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https://opentuition.com/topic/other-info-2-2/
August 27, 2021 at 6:46 pm #633167
akka17bakka
- Topics: 73
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ISA 720, The Auditor’s Responsibilities Relating to Other Information in Documents Containing, this?
August 27, 2021 at 6:57 pm #633168
Kim Smith
Keymaster
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You are referring me to a response by a former OT tutor – please what is your query?
August 27, 2021 at 9:16 pm #633172
akka17bakka
- Topics: 73
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Appendix 2 of ISA 706, has given a list of ISAs that contains requirements for Other Matter Paragraph.

One of them is ISA 720, The Auditor’s Responsibilities Relating to Other Information in Documents Containing

What does it mean? How should it be interpreted and incorporated?
August 27, 2021 at 10:01 pm #633175
Kim Smith
Keymaster
- Topics: 88
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That was my answer to your initial question – the other info para explains misstatements/inconsistencies in other info. Please see s3.8 in Ch23.
August 28, 2021 at 7:13 am #633190
Kim Smith
Keymaster
- Topics: 88
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“Other information” para refers specifically to other info – as per above and see s.3.8 in the notes.

“Other matter” is something “other” (i.e. doesn’t fit anywhere else) – see s.3.7 of the notes. The very few things now that could be covered here are stated in the notes.
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