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Financial statements prepared in accordance with IFRS and a national reporting framework

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

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AUDITING STANDARDS AND QUALITY CONTROL

soft skills Just as there are accounting standards, there are also audit standards to give auditors guidance (and in some cases rules) as to how they should perform their audit work. Many countries have their own national audit standards – e.g. In the UK, the Auditing Practices Board set them. There are also International Standards on Auditing (ISAs), which are set by the International Audit & Assurance Standards Board (IAASB), part of the International Federation of Accountants (IFAC). For countries without their own audit standards, the ISAs provide a set of standards that can be adopted, or altered based on national requirements. Quality control is partly achieved by having audit standards to follow ... however it is also achieved by the RSBs (e.g. ACCA) checking the audit work of their members, and handling complaints. The RSBs also have rules to ensure their members are keeping up to date with technical changes. AUDITING STANDARDS AND QUALITY CONTROL