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Developments in Audit Reporting Requirements

Relevant Sections as per New Companies Act

∗ Section 143 – Powers and duties of auditors and auditing standards.

∗ Section 145- Auditor to sign audit report.

∗ Section 141- Eligibility, qualification and disqualification of auditors.

∗ Section 134- Financial Statement, Board’s report etc.

∗ Section 133- Central Government to prescribe accounting standards.

∗ Section 164- Disqualifications for appointment of director.


Developments in Audit Reporting Requirements

Developments in Audit Reporting Requirements

Developments in Audit Reporting Requirements

Standards pertaining to Audit Reports

SA 705 Modifications to the Opinion in the Independent Auditor’s Report – to be used only in case of modified opinion.

SA 706 Emphasis of Matter Paragraphs and Other Matter paragraphs in the Independent Auditor’s Report – to be used if there is an emphasis of matter and it also deals with Other Matters Replaces

AAS 28 – Auditor’s Report on Financials Statements. Applicability to accounting periods beginning on or after April 1, 2012 vide ICAI’s announcement dated April 17, 2012.

Not applicable in cases where reports formats are prescribed under various laws or regulations – ICAI’s Announcement – July 29, 2013


Form of Audit Report

Types of paragraph

 Emphasis of Matter

 Paragraph in the Audit Report

 On a matter that is appropriately presented or disclosed in Financial Statements.

 Insertion of an emphasis of matter paragraph in the Auditor’s Report does not make the opinion “modified”

 An Emphasis of Matter paragraph is not a substitute for either the auditor expressing a qualified opinion or an adverse opinion, or disclaiming an opinion. Developments in Audit Reporting Requirements

 An emphasis of matter is not a part of the audit opinion at all. It is a separate, independent paragraph designed to provide “additional communication” to the users


 Other paragraphs

 Paragraph in the Audit Report that refers to a matter other than those presented or disclosed in Financial Statements.


 Developments in Audit Reporting Requirements

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