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Chapter 10 3 4
1.2 Elements of an independent auditor’s report
Element
Title
Addressee
Auditor’s opinion
Basis for opinion
Material uncertainty related
to going concern
(if applicable)
Emphasis of matter
(if applicable)
Key audit matters
(if applicable)
Other information
Responsibilities of
management and those
charged with governance for controls. Included to help minimise the expectations
the financial statements
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Purpose
To clearly identify the report as an Independent
Auditor's Report
To identify the intended user of the report
Provides the auditor's conclusion as to whether the
financial statements give a true and fair view
Provides a description of the professional standards
applied during the audit to provide confidence to users
that the report can be relied upon
If there is disclosure of material uncertainties related
to going concern that must be brought to the attention
of the user
To draw attention to any other significant matters
disclosed by the entity of which the users should be
aware to aid their understanding of the entity
To draw attention to any other significant matters
which the auditor communicated with those charged
with governance of which the users should be aware,
to aid their understanding of the entity
(Note: This section is only compulsory for listed
entities)
To clarify that management are responsible for the
other information such as the Chairman's statement.
The auditor's opinion does not cover the other
information and the auditor's responsibility is only to
read the other information and report in accordance
with ISA 720
To clarify that management are responsible for
preparing the financial statements and for the internal
gap