Audit Reporting

Question 1

What is the reporting requirements for incorporated not-for-profit organisations?

Answer 1

ISA 700 apply

Question 2

What will need to be encompassed in the auditor’s report?

Answer 2

The reporting requirements of the governing body

Question 3

When will the standard auditor;s report may not be required or appropriate?

Answer 3

Where an assocation or charity is having an audit for benefit of members or trustees

If entity is government funded and highly regulated

Question 4

What should auditor ensure they make the following matters clear (addresses)

Answer 4

Addresses of the report

Question 5

What should auditor ensure they make the following matters clear (report)

Answer 5

What the report relates to

Question 6

What should auditor ensure they make the following matters clear (scope)

Answer 6

The scope of the engagement

Question 7

What should auditor ensure they make the following matters clear (responsibilities)

Answer 7

The respective responsibilities of auditors and management/trustees/directors

Question 8

What should auditor ensure they make the following matters clear (work)

Answer 8

The work done

Question 9

What should auditor ensure they make the following matters clear (opinion)

Answer 9

The opinion drawn