Page 175 - CA Final Audit Titanium Full Book. (With Cover Pages)

CA Ravi Taori
Identification of Audited Financial Statements: The auditor explicitly identifies the audited financial
statements from which the summary is derived.
Reference to Auditor’s Report: The auditor refers to their report on the audited financial statements,
mentioning the date of that report and, if applicable, the expression of an unmodified opinion on the audited
financial statements.
Subsequent Events: If the report on the summary financial statements is dated later than the report on the
audited financial statements, it states that neither reflects the effects of events that occurred subsequently to the
date of the auditor’s report on the audited financial statements.
Not a substitute: A statement is included indicating that the summary financial statements do not contain all
disclosures required by the applied financial reporting framework, emphasizing that reading the summary is not
a substitute for reading the audited financial statements.
Other Elements:
d) Management’s Responsibility: The report includes a description explaining that management is responsible
for the preparation of the summary financial statements in accordance with the applied criteria.
e) Auditor’s Responsibility: A statement is present specifying that the auditor is responsible for expressing an
opinion on the summary financial statements based on the procedures required by this SA.
f) Opinion: The report contains a paragraph clearly expressing the auditor’s opinion on the summary financial
statements.
g) Signature: The auditor’s signature is included, along with the firm registration number where applicable, and
the membership number assigned by the Institute of Chartered Accountants of India. Additionally, UDIN is
required to be stated.
h) Date:
• Date of Report on Audited Summary Financial Statements: The date of the auditor’s report on the
audited summary financial statements.
• Preparation of Summary Financial Statements: This includes evidence that the summary financial
statements have been prepared and those with the recognised authority have asserted that they have taken
responsibility for them.
• Sufficient & Appropriate Evidence: The auditor shall date the auditor’s report on the summary financial
statements no earlier than the date on which the auditor has obtained sufficient appropriate evidence on
which to base the opinion.
i) Place of signature:

(CNO SA- 810.100) Modifications to the Opinion, Emphasis of Matter Paragraph or Other Matter
Paragraph in the Auditor’s Report on the Audited Financial Statements
Qualified Opinion, Emphasis of Matter Paragraph or Other Matter Paragraph.
1. Situation: When the auditor’s report on the audited financial statements contains a qualified opinion, an
Emphasis of Matter paragraph, or an Other Matter paragraph, but the auditor is satisfied that the summary
financial statements are consistent, in all material respects, with or are a fair summary of the audited financial
statements, in accordance with the applied criteria.

2A. State Situation: The auditor’s report on the summary financial statements shall state that the auditor’s report
on the audited financial statements contains a qualified opinion, an Emphasis of Matter paragraph, or an Other
Matter paragraph.
2B. Describe: Describe the basis for the qualified opinion on the audited financial statements, and that qualified
opinion; or the Emphasis of Matter or the Other Matter paragraph in the auditor’s report on the audited financial
statements.
2C. Effect on Summary Financial Statements: Describe the effect thereof on the summary financial statements,
if any.

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