31386 paragraphs found
It is common for a financial report prepared in accordance with a general purpose framework to present an entity’s financial position, financial performance and cash flows. Evaluating whether, in view of the applicable financial reporting framework, the …
Some financial reporting frameworks acknowledge explicitly or implicitly the concept of fair presentation. [22] As noted in paragraph 7(b) of this Auditing Standard, a fair presentation [23] financial reporting framework not only requires compliance …
The auditor’s evaluation about whether the financial report achieves fair presentation, both in respect of presentation and disclosure, is a matter of professional judgement. This evaluation takes into account such matters as the facts and circumstances …
Evaluating whether the financial report achieves fair presentation may include, for example, discussions with management and those charged with governance about their views on why a particular presentation was chosen, as well as alternatives that may have …
As explained in ASA 200, the preparation of the financial report by management and, where appropriate, those charged with governance requires the inclusion of an adequate description of the applicable financial reporting framework in the financial report. …
A description that the financial report is prepared in accordance with a particular applicable financial reporting framework is appropriate only if the financial report complies with all the requirements of that framework that are effective during the …
A description of the applicable financial reporting framework that contains imprecise qualifying or limiting language (e.g., “the financial report is in substantial compliance with Australian Accounting Standards”) is not an adequate description of that …
If the response from the entity’s legal counsel contains information that requires clarification, the auditor would ordinarily make further enquiries of management and the entity’s legal counsel, as appropriate, and request clarification in …