Reporting Flashcards
Key Audit matters are only required in what kind of companies?
Listed Companies/Entities.
After what date will the information not be considered in the auditor’s report?
The date up to the audit’s work/auditor’s report.
Do the additional information such as material uncertainty related to going concern, emphasis of matter, other information and other matter, have an impact on the opinion in a modified report?
No, they do no have any impact on the opinion formed or generated, hance do not constitute any qualified, adverse or disclaimer of opinion.
What statement do we not include in the disclaimer of opinion?
The statement of obtaining sufficient appropriate evidence to serve as a basis for our opinion.
The statement, “The financial statement have been audited…” is changed to what under disclaimer of opinion?
“We were engaged to the audit the financial statements.”
What matters are not included in the disclaimer of opinion?
Key audit matters.
Changes in the basis of disclaimer of opinion?
The statement,” The audit is conducted in accordance to ISAs, independence and ethical responsibilities” is positioned under the Auditor’s Responsibilities.
Key audit matters serve as a basis for _____ of an auditor’s opinion
Credibility
Things required to the auditor for any revaluations
- Effective date of revaluation
- C.A of the asset as per cost model
- Amount of revaluation increase
Who signs the working papers?
The one who has prepared them.
In what companies is the key audit matters compulsory?
Listed Companies
KAM for non listed companies?
Voluntarily, or at the request of the management or those charged with governance.
The number of key audit matters will depend on?
The size and complexity of the entity and nature of its business environment.
Key audit matters are done in respect to?
Accounting estimates made by the management.
