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CAS 706, Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor's Report

Ef­fec­tive date:

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

Overview

CAS 706, Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor's Report, deals with additional communication in the auditor's report when the auditor considers it necessary to: (i) draw users' attention to a matter or matters presented or disclosed in the financial statements that are of such importance that they are fundamental to users' understanding of the financial statements; or (ii) draw users' attention to any matter or matters other than those presented or disclosed in the financial statements that are relevant to users' understanding of the audit, the auditor's responsibilities or the auditor's report.

Appendices 1 and 2 to CAS 706 identify CASs which contain specific requirements for the auditor to include Emphasis of Matter paragraphs or Other Matter paragraphs in the auditor's report. In those circumstances, the requirements in CAS 706 regarding the form and placement of such paragraphs apply.

His­tory of CAS 706

Date

Development

Comments

June 2017

CAS 706 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 706 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.