Audit report must clearly state financial reporting framework
07 Apr 2001
Under a new proposal from IFAC's International Auditing Practices Committee, the auditor's standard audit report must clearly state the financial reporting framework being used to prepare financial statements.
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...). |