& STANDARDS ON AUDITING a —EESOESEOSOOOaomum “SA 700" “Forming an Opinion and Reporting on Financial Statement” Object > Form Opinion > Express Opinion ‘Types of Financial Statement { crane > General Purpose Financial Statement (SA ~700) => 0¢rr"l Ore > Special Purpose Financial Statement (SA ~800)=) fry ¢ vom le~ bee General purpose Financial Framework Compliance Framework Only as per Financial Reporting As per Financial Reporting Framework SR TRANS (PRF) & gives true & fair view. =~ IRIS A Sehr Fair presentation Framework | | (i) Basic Elements of Auditor's Report Be The auditor's report includes the following basic elements: 4. Title: That clearly indicates that itis the report ofan independent auditor. 2 Addressee: The auditor's report shall be addressed as required by circumstances of engagement. 3. Auditor's Opinion: The fist section ofthe auditor's report shall include the auditor's opinion, and shall have the heading “Opinion.” The Opinion section ofthe auditor's report shall also: (2) Identify the entity whose financial stotements have been audited; se bats (6). State that the financial statements have been audited {6} demtfy the title of each statement comprising the financial statements eh ais {@) Refer to the notes, including the summary of significant accounting policies; and {6) Specify the date of, or period covered by, each financial statement jon: The auditor's report shall include a section, directly following the Opinion section, with the heading “Basis for Opinion”, that (a) States that the audit was conducted in accordance with Standards on Auditing; (0) Refers to section of auditor's report that describes auditor's responsibilities under the SAs; (6) Includes a statement that the auditor is independent of entity as per relevant ethical requirements. The statement shall refer to Code of Ethics issued by ICAI; (S499) (@ States whether the auditor believes that the audit evidence the auditor has obtained is sufficient and appropriate to provide a basis for the auditor'sopinion. Going Concem: The auditor shall report in accordance with SA.$70 6, Key Audit Matters: The auditor shall communicate key audit matters in the auditor's report in accordance with SA 701. Responsibilities for the Financial Statements: The auditor's report shall include a section with a heading “Responsibilities of Management for the Financial Statements.” “Auditor's Responsibilities for the Audit of the Financial Statements 2, Location of the description of the auditor's responsibilities, 40, Other Reporting Responsibilities. 1, SeenON? 12. Dee Caller oogrwl of £5) Se ogi BY CA ATUL AGARWAL AIR 1 CA EINAL vy. Voce Page 467 & Ady net Qe audits conducted In docerdoace cea Qeonderds on on Doduiogy Assued Ly Tent & A nernational orberds on Medi saa lens S14 aL gay oltva {vashiction , (Fens =m Qud\oo rey aQy rte, ob, Aadnn a An additien to Wdnlemetiena! ay Thee ay 0 “oe cole Sbehueens Abe Deegunsersend an ESAs would lead Ate audios 4) ko Rm ARerent_Ogiaten TA) Qwt_Ao Anclode on Tom os GIN gone thet, 4o Qoiheuley chramsboons QS. depirred \y Shs el) & Ss thet by TT wart Regent “includes eviniinusn clements Leh-ovk Io. fads Qoeort oy Lronderds on Asbwog. Unter oudver uses bot Sifts & ESA, the oudilos's report aha! cleorty ginke the fytbhiaion oRotigin of L3Me,