Glory Other Information In Audit Report

The auditor shall make appropriate arrangements with management or those charged with governance to obtain the other information prior to the date of the auditors report. While the current binary auditors report is valued many stakeholders perceive that it could be more informative. The revised ISA aims to clarify and increase the auditors involvement with other informationdefined in the standard as financial and non-financial information other than the audited financial statements that is included in entities annual reports.

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For example an auditor may choose to include a disclaimer on the other.

Other information in audit report. The auditors responsibility with respect to information in a document does not extend beyond the financial information identified in his report and the auditor has no obligation to perform any procedures to corroborate other information contained in a document. This is the most commonly known form of audit and refers to the systematic review of a companys financial reporting to ensure all information is valid and conforms to GAAP standards. A non-listed entity prepares its annual report as defined in ISA 720 Revised 10 months after the auditors report.

Other Information Included in Annual Reports 1037 AU-CSection720 The Auditors Responsibilities Relating to Other Information Included in Annual Reports SourceSASNo137SASNo141. Reading Other Information 6. To revise ISA 720 The Auditors Responsibilities Relating to Other Information in Documents Containing Audited Financial Statements to ensure that the ISA continues to be capable of enhancing the credibility of financial statements through specifying appropriate responsibilities of the auditor relating to the range of other information in documents containing audited financial information and taking account of how such information.

The auditors report shall include a separate section with a heading Other Information or other appropriate heading when at the date of the auditors report. Other information may also include other matters. The International Auditing and Assurance Standards Board IAASB approved the proposed ISA in September 2012 for exposure.

Those including financial statements management accounts management reports. The auditor shall read the other information to identify material inconsistencies if any with the audited financial statements. The audit report is the report that contains the audits opinion which independent auditors issue after they examine the entitys financial statements and related reports.

A2 The auditor is not required to reference the other information in the auditors report on the ﬁnancial statements. Hence the report has to be meaningful and deliver value for the stakeholders. CAS 720 The Auditors Responsibilities Relating to Other Information raises awareness about the requirements pertaining to auditors responsibilities relating to other information whether financial or non-financial information other than financial statements and the auditors report thereon included in an entitys annual report.

Other information includes the directors report audit committee report company secretary certificate and the detailed income statement. However the auditor may include an explanatory paragraph disclaiming an opinion on the other information. Or others report like compliant reports.

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