AAA syllabus

Audit Report - Elements ^{2 / 19}

Audit Report Contents

Opinion Basis for Opinion Key Audit Matters Emphasis of Matter Other Matters MU re GC

Includes the reporting period under review and can use either ‘give a true and fair view’ or ‘presents fairly, in all material respects’ and states the relevant GAAP adopted

Explains how the audit was conducted: the role of lSAs and the IESBA Code of Ethics as well as the audit evidence being sufficient and appropriate

Includes Matters of most significance from the audit; required for all listed entities

This draws users’ attention to issues that are adequately disclosed but they need to see in order to understand them properly

Eg. Catastrophe, Big uncertainties over potential liabilities

Draws users’ attention to issues outside the scope of the financial statements (so therefore items not addressed by ‘Emphasis of matter’ paragraphs)

Eg. Being unable to withdraw as auditor

Here GC is still appropriate and disclosures in FS adequate