AUDIT CONCLUSIONS AND REPORTING
SA 700, SA 705,
SA 706 &
SA 720
CA. ASEEM TRIVEDI,FCA
HIGHBROW MENTOR LEARNING SOLUTIONS PVT. LTD
1
SA 700, FORMING AN OPINION AND
REPORTING ON FINANCIAL
STATEMENTS
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HIGHBROW MENTOR LEARNING SOLUTIONS PVT. LTD
2
FORMING AN OPINION - REQUISITES
• Conclude on whether sufficient appropriate audit
evidence as per SA 330 was obtained
• Conclude on whether uncorrected misstatements,
individually or in aggregate, are material as per SA 450
• Evaluate whether FS are prepared, in all material
respects, as per applicable financial reporting
framework, including its qualitative aspects and
freedom from judgment bias
• Evaluate whether accounting policies are appropriately
disclosed, consistently applied and are appropriate
CA. ASEEM TRIVEDI,FCA HIGHBROW MENTOR LEARNING
SOLUTIONS PVT. LTD
3
Forming an opinion - requisites
• Evaluate whether estimates are reasonable
• Evaluate whether information presented is relevant,
reliable, comparable and understandable
• Evaluate whether terminology used is appropriate
• Evaluate whether disclosures are adequate to enable
users to clearly understand material transactions and
events
• If reporting under a fair presentation framework, also
evaluate whether FS achieve a fair presentation based
on overall presentation, structure and contents; and
whether they represent underlying transactions/ events
befittingly
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HIGHBROW MENTOR LEARNING SOLUTIONS PVT. LTD
4
Forming an opinion - requisites
 Ensure that the financial reporting framework is adequately
referred to
Based on all above conclusions/ evaluations, auditor finally
concludes whether the FS, as a whole, are free from material
misstatement due to fraud or error
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5
NEW REPORT - STRUCTURE
• From start of report to opinion paragraph, the structure is
strictly restricted to the audit of the FS as performed under
either a fair presentation framework or a compliance
framework
• All other matters that law / regulation requires to be part of
auditor’s report are put in a separate section of report
below the opinion paragraph
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HIGHBROW MENTOR LEARNING SOLUTIONS PVT. LTD
6
FORMAT PRESCRIBED BY LAW/
REGULATION
• SA 700 says that unless auditor’s report contains, at a
minimum, the basic elements of an auditor’s report as per
the auditing standards, it would cease to be credible, lack
consistency and could mislead the user into making
inappropriate business decisions – thereby exposing the
auditor to significant risk
• SA 210 mandates that if the auditor does not have the
ability to include relevant elements, such as the
management’s responsibility paragraph, the auditor’s
responsibility paragraph, etc., he may not refer to the audit
having been done in accordance with the SAs or auditing
standards generally applicable in India
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HIGHBROW MENTOR LEARNING SOLUTIONS PVT. LTD
7
SA 705, MODIFICATIONS TO THE
OPINION IN THE INDEPENDENT
AUDITOR’S REPORT
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Sufficient appropriate
audit evidence obtained
Sufficient appropriate
audit evidence
not obtained
Auditor concludes
that FS as a whole are not
free from material misstatement
Auditor is unable to conclude
whether FS as a whole are
free from material misstatement
Qualified
opinion
Adverse
opinion
Disclaimer
of opinion
Depends on auditor’s judgement of
Whether FS are
materially misstated
In absence of evidence
whether FS may be
materially misstated
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HIGHBROW MENTOR LEARNING SOLUTIONS PVT. LTD
Whether misstatement
is or is likely to be
pervasive
9
What is
PERVASIVE?
Misstatements
That are not confined
to specific components
accounts or items
Possible misstatements
If so confined,
represent a
substantial portion
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HIGHBROW MENTOR LEARNING SOLUTIONS PVT. LTD
Where pertaining to
disclosures, are
fundamental to users’
understanding of FS
10
After
obtaining
sufficient
appropriate
audit
evidence
Auditor
cannot
obtain
sufficient
appropriate
audit
evidence
Individual
misstatements
Auditor
concludes
that
OR
Aggregate of
misstatements
Auditor
concludes
that
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HIGHBROW MENTOR LEARNING SOLUTIONS PVT. LTD
Possible
effects of
undetected
misstatements
Are
MATERIAL
but not
PERVASIVE
QUALIFIED
OPINION
Are
MATERIAL
but not
PERVASIVE
11
After
obtaining
sufficient
appropriate
audit
evidence
Individual
misstatements
Auditor
concludes
that
OR
Are
MATERIAL
AND
PERVASIVE
Aggregate of
misstatements
ADVERSE
OPINION
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Auditor
cannot
obtain
sufficient
appropriate
audit
evidence
Multiple
Uncertainties
Auditor
concludes
that
Auditor
concludes
that
Even after auditor has
obtained audit
evidence
CA. ASEEM TRIVEDI,FCA
HIGHBROW MENTOR LEARNING SOLUTIONS PVT. LTD
Possible
effects of
undetected
misstatements
He cannot form
an opinion on FS
due to potential
interaction of the
uncertainties and
their possible
cumulative effect
Are
MATERIAL
AND
PERVASIVE
DISCLAIMER
OF
OPINION
13
After accepting
engagement,
management
imposes a
scope
limitation
Management does
not
remove it
Auditor requests
management to
remove the scope
limitation
Auditor assesses
that this may
result in a
qualified opinion
or disclaimer
Auditor communicates
this to Those charged with
governance (TCWG)
Considers alternative
procedures
If he cannot obtain
sufficient appropriate
audit evidence, and
concludes that
effect of undetected
misstatements is
QUALIFY
Material but not pervasive
Material and pervasive
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RESIGN, if allowed to
GIVE DISCLAIMER
14
SUMMARY OF MODIFICATION OF OPINION
Nature of matter giving
rise to the modification
Auditor’s judgment about the
pervasiveness of the effects or
possible effects on FS
Material but not
pervasive
Material and
pervasive
Financial statements are
materially misstated
Qualified opinion
Adverse opinion
Inability to obtain sufficient
appropriate audit evidence
Qualified opinion
Disclaimer of
opinion
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HIGHBROW MENTOR LEARNING SOLUTIONS PVT. LTD
15
CAN
AUDITOR
GIVE
UNMODIFIED
OPINION ON A COMPONENT WHILE
GIVING
ADVERSE/
DISCLAIMER
OF
OPINION ON THE FS?
• When expressing adverse opinion or disclaiming an
opinion on the FS as a whole the auditor cannot also
express an unmodified opinion on one or more specific
elements, accounts or items in the FS with respect to
the same financial reporting framework
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HIGHBROW MENTOR LEARNING SOLUTIONS PVT. LTD
16
Report to contain all elements per SA 700
+
Basis for modification paragraph
Just above
the Opinion
paragraph
Basis for
Qualified
Opinion
Heading to be
Basis for
Adverse
Opinion
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SOLUTIONS PVT. LTD
Describing
matter of
modification
Basis for
Disclaimer
of Opinion
17
Describe and quantify
effect of misstatement
Describe
omitted
information
Say so if quantification
is impracticable
Adverse or
disclaimer
of opinion
expressed
But there are
other matters
that would
have required
modification
Non-disclosure
Discuss with
TCWG
Explain how
disclosures
are misstated
Explain reason why
sufficient appropriate
audit evidence
was unavailable
Reasons and effects
of such other matters
to be given in Basis
of Modification paragraph
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HIGHBROW MENTOR LEARNING SOLUTIONS PVT. LTD
If permitted
provide the
non-disclosed
information,
if practical
and if
sufficient
appropriate
audit evidence
is obtained
BASIS OF
MODIFICATION
PARAGRAPH
18
OPINION PARAGRAPH
 Heading
◦ “Qualified Opinion”, “Adverse Opinion” or “Disclaimer of
Opinion”
 Qualified opinion due to material misstatement
◦ In our opinion, except for the effects of matters
described in the Basis for Qualified Opinion paragraph
 The FS give true and fair view in accordance…
 The FS have been prepared, in all material respects, in
accordance with…
 If qualified for inability to obtain sufficient
appropriate audit evidence
◦ ….except for the possible effects of the matters…
CA. ASEEM TRIVEDI,FCA
HIGHBROW MENTOR LEARNING SOLUTIONS PVT. LTD
19
• Requirements when
Qualified Opinion
the
auditor
expresses
a
o the auditor should state in the opinion paragraph that,
in the auditor’s opinion, except for the effects of the
matter(s) described in the Basis for Qualified Opinion
paragraph, the financial statements give a true and fair
view (or “present fairly, in all material respects”) in
accordance with the applicable financial reporting
framework
o When the modification arises from an inability to
obtain sufficient appropriate audit evidence, the auditor
should use the corresponding phrase “except for the
possible effects of the matter(s) ...” for the
modified opinion
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HIGHBROW MENTOR LEARNING SOLUTIONS PVT. LTD
20
 Requirements when
Adverse Opinion
the
auditor
expresses
an
o the auditor should state in the opinion paragraph that,
in the auditor’s opinion, because of the significance
of the matter(s) described in the Basis for Adverse
Opinion paragraph, the financial statements do not
give a true and fair view (or “do not present fairly”)
in accordance with the applicable financial reporting
framework
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HIGHBROW MENTOR LEARNING SOLUTIONS PVT. LTD
21
• Requirements
opinion
when
the
auditor
disclaims
an
o When the auditor disclaims an opinion due to an
inability to obtain sufficient appropriate audit evidence,
the auditor should state in the opinion paragraph that,
because of the significance of the matter(s)
described in the Basis for Disclaimer of Opinion
paragraph, the auditor has not been able to obtain
sufficient appropriate audit evidence to provide a
basis for an audit opinion and, accordingly, the auditor
does not express an opinion on the financial
statements
CA. ASEEM TRIVEDI,FCA
HIGHBROW MENTOR LEARNING SOLUTIONS PVT. LTD
22
AUDITOR’S RESPONSIBILITY
 When the auditor expresses a qualified or adverse
opinion
o
Requires to state that the audit evidence obtained is
sufficient and appropriate to provide a basis for the
auditor’s modified audit opinion
 When the auditor disclaims an opinion
o
Need to state that they were unable to obtain sufficient
appropriate audit evidence to provide a basis for an
audit opinion
CA. ASEEM TRIVEDI,FCA
HIGHBROW MENTOR LEARNING SOLUTIONS PVT. LTD
23
COMMUNICATION WITH
WITH GOVERNANCE
THOSE
CHARGED
• The auditors need to communicate to those charged
with governance, the reasons and circumstances that
led to the expected modifications as well as the
proposed wording of the modification
CA. ASEEM TRIVEDI,FCA
HIGHBROW MENTOR LEARNING SOLUTIONS PVT. LTD
24
SA 706, EMPHASIS OF MATTER
PARAGRAPHS AND OTHER MATTER(S)
PARAGRAPHS IN THE INDEPENDENT
AUDITOR’S REPORT
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HIGHBROW MENTOR LEARNING SOLUTIONS PVT. LTD
25
Draw users’ attention to matters
presented/ disclosed in FS that are
fundamental to users’ understanding of
FS
Emphasis of
Matter
paragraph
(EMP)
Draw users’ attention to matters not
presented/ disclosed in FS that are
relevant to users’ understanding of the
audit, auditor’s responsibilities or
auditor’s report
Other Matter
Paragraph
(OMP)
EMP
OMP
Matters presented/ disclosed
in FS
Matters NOT presented/ disclosed in FS
Fundamental to users’
understanding
Relevant to users’ understanding
Understanding of FS
Understanding of the audit, auditor’s
responsibilities or auditor’s report
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HIGHBROW MENTOR LEARNING SOLUTIONS PVT. LTD
26
EMP: REQUIREMENTS
Has to be fundamental to users’ understanding
Auditor has obtained sufficient
appropriate audit evidence that matter
is not materially misstated in the FS
Matter referred to must be presented/ disclosed in
FS
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HIGHBROW MENTOR LEARNING SOLUTIONS PVT. LTD
27
EMP: REQUIREMENTS
EMP is included immediately AFTER opinion
paragraph
Heading “Emphasis of Matter” is given
Reference to where matter emphasised can
be found in FS is given
Indicate that auditor’s opinion is NOT
MODIFIED in respect of matter emphasised
CA. ASEEM TRIVEDI,FCA
HIGHBROW MENTOR LEARNING SOLUTIONS PVT. LTD
28
EMP: examples
• Uncertainty relating to future outcome of exceptional litigation or regulatory
action
• Early adoption and application of an accounting standard that has pervasive
effect on the FS
• Major catastrophe that has/ had/ continues to have significant effect on the FS
CA. ASEEM TRIVEDI,FCA
HIGHBROW MENTOR LEARNING SOLUTIONS PVT. LTD
29
EMP: other considerations
◦ Use of EMP should not be widespread and should not include more
information than what is presented/ disclosed elsewhere in FS
◦ EMP is not a substitute for
 A modified opinion (qualified/ adverse/ disclaimer)
 Disclosures that management should make
CA. ASEEM TRIVEDI,FCA
HIGHBROW MENTOR LEARNING SOLUTIONS PVT. LTD
30
OMP: REQUIREMENTS
Matter has to be relevant to users’
understanding
Heading “Other Matter(s)” is given
Given only for users’ understanding of matters
related to the audit, auditor’s responsibilities
and auditor’s report
Such reporting is not prohibited by law or
regulation
Is placed after opinion para and any EMP in
report on FS, but may be placed in Other
Reporting Responsibilities section if its
contents relate to such responsibilities
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HIGHBROW MENTOR LEARNING SOLUTIONS PVT. LTD
31
EXAMPLES OF CIRCUMSTANCES
NECESSITATING OMP
• Users' understanding of audit
• Auditor appointed by law is unable to resign when management
imposes a pervasive scope limitation
• Users' understanding of auditor's responsibility or auditor's report
• Law requires auditor to elaborate on matters that provide further
explanation of his responsibilities in the audit or the auditor's report
CA. ASEEM TRIVEDI,FCA
HIGHBROW MENTOR LEARNING SOLUTIONS PVT. LTD
32
Examples of circumstances necessitating OMP
• Reporting on > 1 set of FS
• If auditor is engaged to issue a report under Indian GAAP as well as
under IFRS, he may use OMP in each report to inform users that he
has also reported under another framework
• Restriction on distribution or use of report
• If special purpose FS are prepared in accordance with a general
purpose framework because such a framework meets users' needs,
auditor may use OMP to say that his report is intended solely for the
intended users and should not be distributed/ used by others
CA. ASEEM TRIVEDI,FCA
HIGHBROW MENTOR LEARNING SOLUTIONS PVT. LTD
33
CASE STUDIES
What is the type of opinion in the following cases?
Case - 1
 Inventories are misstated. Say it is 15 % of the profits for the
year. The misstatement is deemed to be material but not
pervasive to the financial statements.
Case – 2
 The auditor was unable to obtain sufficient appropriate audit
evidence about multiple elements of the financial statements.
That is, say, the auditor was unable to obtain audit evidence
about the entity’s inventories and accounts receivable. The
possible effects of this inability to obtain sufficient appropriate
audit evidence are deemed to be both material and pervasive to
the financial statements.
CA. ASEEM TRIVEDI,FCA
HIGHBROW MENTOR LEARNING SOLUTIONS PVT. LTD
34
SOLUTION1
◦ Qualified
The Company’s inventories are carried in the Balance Sheet at Rs. XXX.
Management has not stated the inventories at the lower of cost and net realisable
value but has stated them solely at cost, which constitutes a departure from the
Accounting Standards referred to in sub-section (3C) of section 211 of the Act. The
Company’s records indicate that had management stated the inventories at the
lower of cost and net realisable value, an amount of Rs. XXX would have been
required to write the inventories down to their net realisable value. Accordingly,
cost of sales would have been increased by Rs. XXX, and income tax, net profit and
shareholders’ funds would have been reduced by Rs. XXX, Rs. XXX and Rs. XXX,
respectively.
Qualified Opinion
In our opinion and to the best of our information and according to the explanations
given to us, except for the effects of the matter described in the Basis for Qualified
Opinion paragraph, the financial statements give the information required by the
Act in the manner so required and give a true and fair view in conformity with the
accounting principles generally accepted in India:
CA. ASEEM TRIVEDI,FCA
HIGHBROW MENTOR LEARNING SOLUTIONS PVT. LTD
35
SOLUTION 2

Disclaimer of opinion
We were appointed as auditors of the Company after March 31, 20XX and thus could not
observe the counting of physical inventories at the beginning and end of the year. Accordingly,
we were unable to satisfy ourselves by alternative means concerning the inventory quantities
held at December 31, 20X0 and March 31, 20X1 which are stated in the Balance Sheet at Rs.
XXX and Rs. XXX, respectively. In addition, the introduction of a new computerized accounts
receivable system in September 20X1 resulted in numerous errors in accounts receivable. As of
the date of our audit report, management was still in the process of rectifying the system
deficiencies and correcting the errors. We were unable to confirm or verify by alternative means
accounts receivable included in the Balance Sheet at a total amount of Rs. XXX as at March 31,
20X1. As a result of these matters, we were unable to determine whether any adjustments
might have been found necessary in respect of recorded or unrecorded inventories and accounts
receivable, and the elements making up the Statement of Profit and Loss and Cash Flow
Statement.
•
Disclaimer of Opinion
Because of the significance of the matters described in the Basis for Disclaimer of Opinion
paragraph, we have not been able to obtain sufficient appropriate audit evidence to provide a
basis for an audit opinion. Accordingly, we do not express an opinion on the financial
statements.
CA. ASEEM TRIVEDI,FCA
HIGHBROW MENTOR LEARNING SOLUTIONS PVT. LTD
36
CASE STUDIES
 Case 3
 The auditor of ABC Ltd. was unable to obtain sufficient
appropriate audit evidence regarding existence of investments
in XYZ Ltd in a foreign branch. The possible effects of the
inability to obtain sufficient appropriate audit evidence are
deemed to be material but not pervasive to the financial
statement.
 Case 4
 You are the auditor of XYZ Ltd. There is uncertainty relating to
a pending exceptional litigation Matter – say there is a law suit
filed against the company for tax or some other matter. You
cannot conclude that it should be provided for.
CA. ASEEM TRIVEDI,FCA
HIGHBROW MENTOR LEARNING SOLUTIONS PVT. LTD
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SOLUTION 3
◦ Qualified
ABC Company Limited’s investment in XYZ Company, a foreign company acquired during
the year and accounted as Held to maturity investment in Balance sheet of ABC company’
Ltd. We were unable to obtain sufficient appropriate audit evidence about the existence
of ABC Company Limited’s investment in XYZ Company as at March 31, 20XX because we
were denied access to the financial information relating to the same, management,
Consequently, we were unable to determine whether any adjustments to these amounts
were necessary.
Qualified Opinion
In our opinion and to the best of our information and according to the explanations given
to us, except for the possible effects of the matter described in the Basis for Qualified
Opinion paragraph, the financial statements give the information required by the Act in
the manner so required and give a true and fair view in conformity with the accounting
principles generally accepted in India:
CA. ASEEM TRIVEDI,FCA
HIGHBROW MENTOR LEARNING SOLUTIONS PVT. LTD
38
SOLUTION 4
• Emphasis of Matter paragraph
after opinion paragraph following shall be added:
“We draw attention to Note X to the financial statements which
describes the uncertainty related to the outcome of the lawsuit
filed against the Company by XYZ Company. Our opinion is not
qualified in respect of this matter
CA. ASEEM TRIVEDI,FCA
HIGHBROW MENTOR LEARNING SOLUTIONS PVT. LTD
39
CASE STUDIES
• Case 5
• In case of auditor of Consolidated Financial Statement, there
are certain subsidiaries which were not audited by him but
which form part of the consolidated financial statements under
report. Also the amounts involved are not insignificant.
CA. ASEEM TRIVEDI,FCA
HIGHBROW MENTOR LEARNING SOLUTIONS PVT. LTD
40
SOLUTION 5
• Other Matter paragraph
Other Matter
“We did not audit the financial statements of certain
subsidiaries, whose financial statements reflect total assets
(net) of Rs. XXXX as at March 31, 20XX, total revenues of Rs.
XXXX and net cash outflows amounting to Rs. XXXX for the
year then ended. These financial statements have been audited
by other auditors whose reports have been furnished to us by
the Management, and our opinion is based solely on the
reports of the other auditors. Our opinion is not qualified in
respect of this matter.”
CA. ASEEM TRIVEDI,FCA
HIGHBROW MENTOR LEARNING SOLUTIONS PVT. LTD
41
SA – 720
THE AUDITOR’S RESPONSIBILITY IN
RELATION TO OTHER INFORMATION IN
DOCUMENTS CONTAINING AUDITED
FINANCIAL STATEMENTS
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HIGHBROW MENTOR LEARNING SOLUTIONS PVT. LTD
42
SA 720 - SCOPE & OBJECTIVE
This SA deals with Auditor’s responsibility in relation to Other Information*
presented in documents (annual reports or similar document) containing audited
Financial Statements and the auditor’s report thereon.
*Other information may comprise for example:
A report by Management or those charged with governance on operations.
Financial Summaries or highlights.
Planned Capital expenditures.
Financial ratios.
The objective of the auditor is to respond appropriately when documents
containing audited financial statements and the auditor’s report thereon include
other information that could undermine the credibility of those financial
statements and the auditor’s report.
CA. ASEEM TRIVEDI,FCA
HIGHBROW MENTOR LEARNING SOLUTIONS PVT. LTD
43
REQUIREMENTS OF SA 720
Reading Other Information
The Auditor shall make an appropriate arrangements with
Management or Those Charged with Governance, to provide
such other information, prior to the date of auditor’s report to
the auditor.
Read such other information to identify Material
Inconsistencies or Material Misstatement of facts , if any with
audited financial statements.
CA. ASEEM TRIVEDI,FCA
HIGHBROW MENTOR LEARNING SOLUTIONS PVT. LTD
44
MATERIAL INCONSISTENCIES (MI)
MI observed in Other Information
Prior to Auditor’s Report Date
MI observed in Other Information
Subsequent to Auditor’s Report Date
- When revision of audited Financial
Statements is necessary & management
refuses, modify opinion in accordance with
SA-705.
- When revision of audited Financial
Statements is necessary, follow requirements
of SA-560 Subsequent Events.
-When revision of such Other Information is
necessary and management refuses,
communicate to TCWG and:
a) Include such matter in Emphasis of Matter
Para as per SA-706; OR
b) If possible, withdraw from engagement.
CA. ASEEM TRIVEDI,FCA
HIGHBROW MENTOR LEARNING SOLUTIONS PVT. LTD
-When revision of such Other Information is
necessary and management makes such
changes, ensure steps taken by the
management.
-When management refuses to make changes
to other information, notify to TCWG & seek
legal opinion.
45
MATERIAL MISSTATEMENTS OF FACTS
On observing the Material Misstatement, following actions can be taken
by an auditor:
a) Discuss the matter with management to evaluate the validity of the
management’s disclosures and after discussion with management,
auditor may conclude that valid differences of judgment or opinion
exists;
b) Request Management to consult qualified third party, such as legal
entity’s counsel and auditor shall consider such advice received;
c) If auditor feels that such misstatement needs correction and
management refuses for the same then auditor shall notify such
facts to TCWG and seek legal opinion from his own legal counsel.
Effective Date: This standard is effective from 1st April 2010
CA. ASEEM TRIVEDI,FCA
HIGHBROW MENTOR LEARNING SOLUTIONS PVT. LTD
46
THANK YOU
CA. ASEEM TRIVEDI,FCA
HIGHBROW MENTOR LEARNING SOLUTIONS PVT. LTD
47