77 paragraphs found
The criteria for the preparation of summary financial statements may be established by an authorised or recognised standards setting organisation or by law or regulation. Similar to the case of a financial report, as explained in ASA 210, [13] in many …
Where established criteria for the preparation of summary financial statements do not exist, criteria may be developed by management, for example, based on practice in a particular industry. Criteria that are acceptable in the circumstances will result in …
Adequate disclosure of the summarised nature of the summary financial statements and the identity of the audited financial report, as referred to in paragraph A6(a), may, for example, be provided by a title such as “Summary Financial Statements Prepared …
The auditor’s evaluation whether the audited financial report is available to the intended users of the summary financial statements without undue difficulty is affected by factors such as whether: The summary financial statements describe clearly from …
A conclusion, based on an evaluation of the evidence obtained by performing the procedures in paragraph 8 , that an unmodified opinion on the summary financial statements is appropriate enables the auditor to express an opinion containing one of the …
The procedures described in paragraph 8 are often performed during or immediately after the audit of the financial report. When the auditor reports on the summary financial statements after the completion of the audit of the financial report, the auditor …
ASA 720 deals with the auditor’s responsibilities relating to other information in an audit of a financial report. In the context of ASA 720, other information is financial or non‑financial information (other than a financial report and the auditor’s …
In contrast, paragraphs 14–15 deal with the auditor’s responsibilities relating to information included in a document that also contains the summary financial statements and the auditor’s report thereon. This information may include: Some or all of the …
In reading the information included in a document containing the summary financial statements and the auditor’s report thereon, the auditor may become aware that such information is misleading and may need to take appropriate action. Relevant ethical …
When information is included in a document containing the summary financial statements and the auditor’s report thereon and that information deals with some or all of the same matters as the other information included in the annual report, the work …