Page 220 - Internal Auditing Standards

17. Forming an Opinion on Financial

Statements

Chapter Content Relevant ISAs
Requirements and considerations related to: 700

• Forming an opinion on the financial statements; and
• Preparing an appropriately worded auditor’s report.

Exhibit 17.0-1

Back
to risk
assessment 2

Determine what New/revised risk factors
Evaluate the audit additional audit work and audit procedures
evidence obtained
(if any) is required Changes in materiality
Communications
on audit findings
Conclusions on audit
procedures performed
Is
Reporting yes additional
work
required?

no

Form an opinion Significant decisions
Prepare the
auditor’s report based on audit Signed audit opinion
findings

Notes:
1. Refer to ISA 230 for a more complete list of documentation required.
2. Planning (ISA 300) is a continual and iterative process throughout the audit.

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