Page 199 - CA Final Audit Titanium Full Book. (With Cover Pages)
P. 199
CA Ravi Taori
accordance with the applicable financial reporting framework,” for financial statements prepared using a fair
presentation framework.
Compliance Framework: “Based on our review, except for the possible effects of the matter(s) described in the
Basis for Qualified Conclusion paragraph, nothing has come to our attention that causes us to believe that the
financial statements are not prepared, in all material respects, in accordance with the applicable financial
reporting framework,” for financial statements prepared using a compliance framework.
Wordings of Disclaiming Conclusion & Basis for conclusion.
Reference to basis for disclaimer: When disclaiming a conclusion on the financial statements, the practitioner
shall state in the conclusion paragraph that due to the significance of the matter(s) described in the Basis for
Disclaimer of Conclusion paragraph, the practitioner is unable to obtain sufficient appropriate evidence to form
a conclusion on the financial statements; and
Not Expressing a Conclusion: Accordingly, the practitioner does not express a conclusion on the financial
statements.
Including Reasons in Basis for Conclusion Paragraph: In the basis for conclusion paragraph, in relation to
either the qualified conclusion due to inability of obtaining sufficient and appropriate evidence or when the
practitioner disclaims a conclusion, the practitioner shall include the reason(s) for the inability to obtain
sufficient and appropriate evidence.
(CNO SRE 2400.200) The Practitioner’s Report
The practitioner’s report for the review engagement shall be in writing and contain the following elements:
Title: A title indicating it is the report of an independent practitioner for a review engagement
Addressee(s): The addressee(s), as required by the circumstances of the engagement.
Introductory Paragraph: Identifies the financial statements reviewed, refers to significant accounting policies,
and states that the financial statements have been reviewed.
Management’s Responsibility: A description of the responsibility of management for the preparation of the
financial statements, including internal control and, if applicable, the purpose and users of special purpose
financial statements.
Practitioner’s Responsibility: A description of the practitioner’s responsibility to express a conclusion on the
financial statements including reference to this SRE and, where relevant, applicable law or regulation.
Description of Review and Limitations: A description of a review of financial statements, its limitations, and
statements clarifying that a review is a limited assurance engagement with substantially less procedures than an
audit.
Conclusion Paragraph: Contains the practitioner’s conclusion on the financial statements as a whole and a
reference to the applicable financial reporting framework.
Modified Conclusion: When modified, a paragraph containing the practitioner’s modified conclusion and a
description of the matter(s) giving rise to the modification.
Ethical Requirements Reference: A reference to the practitioner’s obligation to comply with relevant ethical
requirements.
Date of the Practitioner’s Report: Dated no earlier than the date on which sufficient appropriate evidence has
been obtained, including confirmation that all statements have been prepared and responsibility has been
asserted.
Practitioner’s Signature and Place: The practitioner’s signature and the place of signature.
Emphasis of Matter and Other Matter Paragraphs in the Practitioner’s Report
Emphasis of Matter Paragraph: The practitioner may consider it necessary to draw users’ attention to a matter
in the financial statements that is fundamental to users’ understanding. In such cases, an Emphasis of Matter
paragraph shall be included in the practitioner’s report, provided the matter is not likely to be materially
misstated.
www.auditguru.in 10.13