ISA 700 – NBC Institute

AA – Nov 2022 – L2 – Q6 – Audit Opinion in Financial Statements

Describe contents of audit opinion in financial statements as presented to an audit committee.

Question

When prompted on a question at the presentation meeting to the audit committee of AMIRAH Plc, the Partner of OIO professional services stated that the end result of the statutory audit is general purpose financial statements on which audit opinion will be expressed. He explained that the auditor shall express an unmodified opinion when the auditor concludes his work, based on the audit
evidence obtained, that the financial statements as a whole are free from material misstatement and that the financial statements are prepared, in all
material respects, in accordance with the applicable financial reporting framework. However, if the external auditor is unable to obtain sufficient and appropriate audit evidence to conclude that the financial statements as a whole
are free from material misstatement, the auditor shall modify the opinion in the auditor’s report. In summary, the auditor’s opinion is a certification that accompanies financial statements after the examination of the books of accounts.
You are the manager in the firm and a member of the audit committee has requested for more explanation on the presentation by the partner.
Required:
a. Explain general purpose financial statements. (5 Marks)
b. Highlight to an audit committee member, the contents of audit opinion in financial statements. (10 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Committee, Audit opinion, Financial Statements, ISA 700
Level: Level 2

AA – Nov 2021 – L2 – Q1b – Audit Reports

List the minimum elements required in an auditor's report according to ISA 700.

Question

The auditor’s report is regulated by either the law (CAMA 2020) or regulation (ISA 700).
i. State the minimum elements of the auditor’s report as required by ISA 700. (10 Marks)
ii. Explain briefly the matters to be expressly stated in the report of the auditors of a company to its members on the accounts examined by them as stated in CAMA 2020. (10 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Standards, Auditor's Report, CAMA 2020, ISA 700
Level: Level 2

Topic: Audit Reports
Series: NOV 2021

AA – Nov 2019 – L2 – Q5b – Completion Procedures and Reporting

Discusses authoritative sources for the auditor’s report and explains the importance of management and auditor responsibility paragraphs.

Question

The basic objective of an audit is to form and express an opinion on the financial statements. The tangible means by which the auditor achieves this objective is the Auditors Report that is issued to members of the company after the completion of the audit.

Required:
i) Discuss TWO (2) authoritative sources which govern the form and content of the auditor’s report to members. (4 marks)
ii) Explain the essence or importance of Management Responsibility and Auditor’s Responsibility paragraphs in the auditor’s report. (6 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit opinion, Auditor Responsibility, Auditor's Report, ISA 700, ISA 701, Management Responsibility
Level: Level 2

Topic: Completion Procedures and Reporting
Series: NOV 2019

AA – Mar 2023 – L2 – Q5b – Completion Procedures and Reporting

List the responsibilities of an auditor in auditing historical financial statements under ISA 700.

Question

Your manager is presenting to the Engagement Partner the draft opinion on the financial statements of a recently audited client. Your manager has tasked you to research into the responsibilities of an external auditor for auditing historical financial statements in line with ISA 700 (Revised): Forming an Opinion and Reporting on Financial Statements.

Required:
State FIVE (5) responsibilities of an auditor in line with the above standard.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Auditors' responsibilities, Financial Statements, ISA 700, Material Misstatement

Topic: Completion Procedures and Reporting
Series: MAR 2023

AA – Nov 2016 – L2 – Q4b – Completion Procedures and Reporting

List and explain the basic elements of an audit report as per ISA 700.

Question

ISA 700 “Forming an Opinion and Reporting on Financial Statements” indicates the basic elements that will ordinarily be included in the audit report.

Required:
List SIX basic elements of an auditor’s report and briefly explain why each element is included in the report. (6 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit report, Elements, ISA 700
Level: Level 2

Series: NOV 2016

AA – Nov 2022 – L2 – Q6 – Audit Opinion in Financial Statements

Describe contents of audit opinion in financial statements as presented to an audit committee.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Committee, Audit opinion, Financial Statements, ISA 700
Level: Level 2

AA – Nov 2021 – L2 – Q1b – Audit Reports

List the minimum elements required in an auditor's report according to ISA 700.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Standards, Auditor's Report, CAMA 2020, ISA 700
Level: Level 2

Topic: Audit Reports
Series: NOV 2021

AA – Nov 2019 – L2 – Q5b – Completion Procedures and Reporting

Discusses authoritative sources for the auditor’s report and explains the importance of management and auditor responsibility paragraphs.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit opinion, Auditor Responsibility, Auditor's Report, ISA 700, ISA 701, Management Responsibility
Level: Level 2

Topic: Completion Procedures and Reporting
Series: NOV 2019

AA – Mar 2023 – L2 – Q5b – Completion Procedures and Reporting

List the responsibilities of an auditor in auditing historical financial statements under ISA 700.

Question

Required:
State FIVE (5) responsibilities of an auditor in line with the above standard.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Auditors' responsibilities, Financial Statements, ISA 700, Material Misstatement

Topic: Completion Procedures and Reporting
Series: MAR 2023

AA – Nov 2016 – L2 – Q4b – Completion Procedures and Reporting

List and explain the basic elements of an audit report as per ISA 700.

Question

ISA 700 “Forming an Opinion and Reporting on Financial Statements” indicates the basic elements that will ordinarily be included in the audit report.

Required:
List SIX basic elements of an auditor’s report and briefly explain why each element is included in the report. (6 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit report, Elements, ISA 700
Level: Level 2

Series: NOV 2016

Question Tag: ISA 700

Filter by Professional Bodies

Filter by Subject

Filter by Series

Filter by Topics

Filter by Levels

AA – Nov 2022 – L2 – Q6 – Audit Opinion in Financial Statements

Describe contents of audit opinion in financial statements as presented to an audit committee.

AA – Nov 2021 – L2 – Q1b – Audit Reports

List the minimum elements required in an auditor's report according to ISA 700.

AA – Nov 2019 – L2 – Q5b – Completion Procedures and Reporting

Discusses authoritative sources for the auditor’s report and explains the importance of management and auditor responsibility paragraphs.

AA – Mar 2023 – L2 – Q5b – Completion Procedures and Reporting

List the responsibilities of an auditor in auditing historical financial statements under ISA 700.

AA – Nov 2016 – L2 – Q4b – Completion Procedures and Reporting

List and explain the basic elements of an audit report as per ISA 700.

AA – Nov 2022 – L2 – Q6 – Audit Opinion in Financial Statements

Describe contents of audit opinion in financial statements as presented to an audit committee.

AA – Nov 2021 – L2 – Q1b – Audit Reports

List the minimum elements required in an auditor's report according to ISA 700.

AA – Nov 2019 – L2 – Q5b – Completion Procedures and Reporting

Discusses authoritative sources for the auditor’s report and explains the importance of management and auditor responsibility paragraphs.

AA – Mar 2023 – L2 – Q5b – Completion Procedures and Reporting

List the responsibilities of an auditor in auditing historical financial statements under ISA 700.

AA – Nov 2016 – L2 – Q4b – Completion Procedures and Reporting

List and explain the basic elements of an audit report as per ISA 700.

Our offerings

Contact Info

Customer

Get In Touch

Question Tag: ISA 700

Filter by Professional Bodies

Filter by Subject

Filter by Series

Filter by Topics

Filter by Levels

AA – Nov 2022 – L2 – Q6 – Audit Opinion in Financial Statements

Describe contents of audit opinion in financial statements as presented to an audit committee.

You're reporting an error for "AA – Nov 2022 – L2 – Q6 – Audit Opinion in Financial Statements"

AA – Nov 2021 – L2 – Q1b – Audit Reports

List the minimum elements required in an auditor's report according to ISA 700.

You're reporting an error for "AA – Nov 2021 – L2 – Q1b – Audit Reports"

AA – Nov 2019 – L2 – Q5b – Completion Procedures and Reporting

Discusses authoritative sources for the auditor’s report and explains the importance of management and auditor responsibility paragraphs.

You're reporting an error for "AA – Nov 2019 – L2 – Q5b – Completion Procedures and Reporting"

AA – Mar 2023 – L2 – Q5b – Completion Procedures and Reporting

List the responsibilities of an auditor in auditing historical financial statements under ISA 700.

You're reporting an error for "AA – Mar 2023 – L2 – Q5b – Completion Procedures and Reporting"

AA – Nov 2016 – L2 – Q4b – Completion Procedures and Reporting

List and explain the basic elements of an audit report as per ISA 700.

You're reporting an error for "AA – Nov 2016 – L2 – Q4b – Completion Procedures and Reporting"

AA – Nov 2022 – L2 – Q6 – Audit Opinion in Financial Statements

Describe contents of audit opinion in financial statements as presented to an audit committee.

You're reporting an error for "AA – Nov 2022 – L2 – Q6 – Audit Opinion in Financial Statements"

AA – Nov 2021 – L2 – Q1b – Audit Reports

List the minimum elements required in an auditor's report according to ISA 700.

You're reporting an error for "AA – Nov 2021 – L2 – Q1b – Audit Reports"

AA – Nov 2019 – L2 – Q5b – Completion Procedures and Reporting

Discusses authoritative sources for the auditor’s report and explains the importance of management and auditor responsibility paragraphs.

You're reporting an error for "AA – Nov 2019 – L2 – Q5b – Completion Procedures and Reporting"

AA – Mar 2023 – L2 – Q5b – Completion Procedures and Reporting

List the responsibilities of an auditor in auditing historical financial statements under ISA 700.

You're reporting an error for "AA – Mar 2023 – L2 – Q5b – Completion Procedures and Reporting"

AA – Nov 2016 – L2 – Q4b – Completion Procedures and Reporting

List and explain the basic elements of an audit report as per ISA 700.

You're reporting an error for "AA – Nov 2016 – L2 – Q4b – Completion Procedures and Reporting"

Our offerings

Contact Info

Customer

Get In Touch

admin