Isa 700

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ISA (NZ) 700 Issued 07/11

INTERNATIONAL STANDARD ON AUDITING (NEW ZEALAND) 700 Forming an Opinion and Reporting on Financial Statements (ISA (NZ) 700) Issued July 2011 Effective for audits of historical financial statements for periods beginning on or after 1 September, 2011. This Standard was issued by the External Reporting Board pursuant to section 24(1)(b) of the Financial Reporting Act 1993. This Standard is a Regulation for the purpose of the Regulations (Disallowance) Act 1989.

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ISA (NZ) 700

COPYRIGHT © Crown copyright 2011

This XRB standard contains copyright material and is drawn primarily from standard(s) issued by the International Auditing and Assurance Standards Board (IAASB), published by the International Federation of Accountants (IFAC), and used with their permission. Reproduction within New Zealand in unaltered form (retaining this notice) is permitted for personal and non-commercial use subject to the inclusion of an acknowledgment of the source. Requests and inquiries concerning reproduction and rights for commercial purposes within New Zealand should be addressed to the Chief Executive, External Reporting Board at the following email address: enquiries@xrb.govt.nz. ISBN 978-1-927174-28-9

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ISA (NZ) 700

INTERNATIONAL STANDARD ON AUDITING (NEW ZEALAND) 700 FORMING AN OPINION AND REPORTING ON FINANCIAL STATEMENTS Issued by the External Reporting Board CONTENTS Paragraph Introduction Scope of this ISA (NZ) .......................................................................................... Effective Date ........................................................................................................ Objectives .............................................................................................................. Definitions ............................................................................................................. Requirements Forming an Opinion on the Financial Statements .................................................. Form of Opinion .................................................................................................... Auditor’s Report .................................................................................................... Supplementary Information Presented with the Financial Statements .................. Application and Other Explanatory Material Qualitative Aspects of the Entity’s Accounting Practices ...................................... Disclosure of the Effect of Material Transactions and Events on the Information Conveyed in the Financial Statements ............................................................. Description of the Applicable Financial Reporting Framework ............................ Form of Opinion .................................................................................................... Auditor’s Report .................................................................................................... Supplementary Information Presented with the Financial Statements .................. Appendix 1: Illustrations of Auditors’ Reports on Financial Statements Appendix 2: Existence of any Other Relationship of the Auditor with the Entity A1-A3 A4 A5-A10 A11-A12 A13-A44 A45-A51 10-15 16-19 20-45 46-47 1-4 5 6 7-9

International Standard on Auditing (New Zealand) (ISA (NZ)) 700, “Forming an Opinion and Reporting on Financial Statements” should be read in conjunction with ISA (NZ) 200, “Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with International Standards on Auditing (New Zealand).”

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ISA (NZ) 700

Introduction
Scope of this ISA (NZ) 1. This International Standard on Auditing (New Zealand) (ISA (NZ)) deals with the auditor’s responsibility to form an opinion on the financial statements. It also deals with the form and content of the auditor’s report issued as a result of an audit of financial statements. ISA (NZ) 7051 and ISA...
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