Financial statements prepared in accordance with IFRS and a national
reporting framework
For financial statements to have been prepared in accordance with more than one financial
reporting framework, they must comply with each of the indicated frameworks individually.
A set of financial statements prepared in accordance with one framework containing a note
or supplementary statement reconciling the financial statements to the other is not sufficient.
In practice, simultaneous compliance with both IFRSs and a national financial reporting
framework is unlikely unless the country has adopted IFRSs as its national framework.
The auditor considers each framework separately. It is therefore possible to express an
unqualified opinion on compliance with one framework and a qualified/adverse opinion on
compliance with the other.
Additionally, it may be possible for non-compliance with one financial reporting framework to
cause failure to comply with the other financial reporting framework, in which case a
modified opinion would be issued on compliance with both frameworks
Form and content of reports ISAE 3000 does not stipulate a standardised format for the report. Different wording will have to be used depending on the engagement. The report should include the following basic elements. (a) A title that clearly indicates that the report is an independent assurance report; (b) An addressee; (c) An identification and description of the subject matter information and, when appropriate, the subject matter; (d) Identification of the criteria; (e) Where appropriate, a description of any significant inherent limitation associated with the evaluation or measurement of the subject matter against the criteria; (f) When the criteria are available only to specific intended users/relevant only to a specific purpose a statement restricting the use of the assurance report to those users/ that purpose; (g) A statement to identify the responsible party and to describe the responsible party's and the practitioner's responsibilities; (h) A statem
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