Page 2 - Additional slides

1. ISAs 700, 701, 705 and 706

• ISA 700 and ISA 705 Changes to structure of AR;

 Opinion on top, basis of opinion follow.

 Additional GC responsibility for management.

 Significant disclosures under auditor’s responsibility (materiality, judgements, independence, meaning of

reasonable assurance, description of materiality, professional judgement and scepticism).

• ISA 706 – Change in the requirements for inclusion of Emphasis of Matter;

 Previous - included when auditor has obtained SAE that matter is not misstated in AFS.

 Change – inclusion when matter is of such importance that it is fundamental to users’ understanding of the
AFS.

• Inclusion – immediately after opinion, now Before or After Key Audit Matters,

depends on significance.

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