Conformity with International Standards Conformity with International Standards on Auditing

Conformity with International Standards on Auditing

This Auditing Standard conforms with International Standard on Auditing ISA 705 Modifications to the Opinion in the Independent Auditor's Report, issued by the International Auditing and Assurance Standards Board (IAASB), an independent standard-setting board of the International Federation of Accountants (IFAC).

Paragraphs that have been added to this Auditing Standard (and do not appear in the text of the equivalent ISA) are identified with the prefix “Aus”.

The following requirements are additional to ISA 705:

 If there is a material misstatement of the financial report that relates to the non-disclosure of information required to be disclosed, the auditor shall:

♦ Request management and/or those charged with governance to correct the non-disclosure in the financial report.
(Ref: Para. Aus 19.1)

♦ Where, under paragraph 19(c) of this Auditing Standard, the omitted disclosures are not included in the basis of modification paragraph, the auditor shall include the reasons for the omission from the basis of modification paragraph. (Ref: Para. Aus 19.2)

Compliance with this Auditing Standard enables compliance with ISA 705.