SA 700 New Nov 18

Elements of Audit Report

(SECTIONS)

Title Addressee Auditor’s Opinion Basis of opinion Going Concern KAM Responsibilities for the FS Auditor’s responsibilities for the Other reporting responsibilities Signature Place of signature Date
audit of FS

The auditor’s report shall have The auditor’s report shall be From NOTES From NOTES Where Applicable After SA 701 The description of This section shall describe Oversight of the financial NOTES NOTES NOTES NOTES
a title that clearly indicates addressed, as appropriate, management’s responsibilities in reporting process. Separate Chart
that it is the report of an the auditor’s report
independent auditor.

Management’s responsibility for

based on the circumstances of This section of the auditor’s
the engagement, Law, includes reference to report shall also identify
INDEPENDENT AUDITOR’S regulation responsibilities of
REPORT or the terms of the Management
Preparing the financial and for such internal control Assessing the
engagement may specify to
statements in accordance with
whom the auditor’s report is to
the applicable financial those responsible for the when those responsible for
be addressed.
reporting framework, oversight of the financial such oversight are different
for IC and PPFS reporting process, from Management
as management determines is entity’s ability to continue as a whether the use of the going as well as disclosing, if
necessary going concern concern basis of accounting is applicable, matters relating to
appropriate going concern.
The auditor’s report is
normally addressed to those
as it helps to explain to users
for whom the report is
the premise on which an audit
prepared, often either to the to enable the preparation of
is conducted.
shareholders or to those financial statements that are
charged with free from material
governance of the entity whose misstatement, whether due to
financial statements are being fraud or error;
audited.

To the Members of ABC

Company Limited