The amendment to International Standard on Auditing 700,
The Auditor's Report on Financial Statements, will enable users to better understand the context in which the auditor's opinion is expressed. ISA 700 would require that the auditor refer to financial reporting framework in such terms as:
In our opinion, the financial statements, which have been prepared in accordance with International Accounting Standards (or '[title of national standards] being the accounting principles generally accepted in country A'), give a true and fair view of (or 'present fairly, in all material respects,') the financial position of the Company as of December 31, 20X1, and of the results of its operations and its cash flows for the year then ended, in accordance with... (and comply with...).
|
The proposed effective date is for financial statements for periods ending on or after September 30, 2002. [The IAPC ED had been available on IFAC's website but is no longer.] Comment deadline 31 May 2001.