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ASA 720 - The Auditor’s Responsibilities Relating to Other Information in Documents Containing an Audited Financial Report - October 2009
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Definitions
- For purposes of the Australian Auditing Standards, the following terms have the meanings attributed below:
- Other information means financial and non-financial information (other than the financial report and the auditor’s report thereon) which is included, either by law, regulation or custom, in a document containing an audited financial report and the auditor’s report thereon.
(Ref: Para. A3-A4) - Inconsistency means other information that contradicts information contained in the audited financial report. A material inconsistency may raise doubt about the audit conclusions drawn from audit evidence previously obtained and, possibly, about the basis for the auditor’s opinion on the financial report.
- Misstatement of fact means other information that is unrelated to matters appearing in the audited financial report that is incorrectly stated or presented. A material misstatement of fact may undermine the credibility of the document containing the audited financial report.
- Other information means financial and non-financial information (other than the financial report and the auditor’s report thereon) which is included, either by law, regulation or custom, in a document containing an audited financial report and the auditor’s report thereon.