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CAS 700, Forming an Opinion and Reporting on Financial Statements

Ef­fec­tive date:

Effective for audits of financial statements for periods ending on or after December 14, 2010 except for subsequent amendments.

Overview

CAS 700, Forming an Opinion and Reporting on Financial Statements, deals with the auditor's responsibility to form an opinion on the financial statements. It also deals with the form and content of the auditor's report issued as a result of an audit of financial statements.

It is written in the context of a complete set of general purpose financial statements and promotes consistency in the auditor's report. Consistency in the auditor's report, when the audit has been conducted in accordance with CASs, promotes credibility in the global marketplace by making more readily identifiable those audits that have been conducted in accordance with globally recognized standards. It also helps to promote the user's understanding and to identify unusual circumstances when they occur.

His­tory of CAS 700

Date

Development

Comments

June 2017

CAS 700 has been revised and reissued as a result of the issue of the new auditor reporting standards, including the issue of CAS 701, Communicating Key Audit Matters in the Independent Auditor's Report.

The revised CAS 700 is effective for audits of financial statements for periods ending on or after December 15, 2018.  Earlier application is permitted.

Note: Our history summary does not take into account consequential amendments made as the result of other projects.

Amendments under consideration

  • None

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.