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Originally posted by : Ronak |
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hi,
I wanted to know as to how does SA 720 affect the Annual return and other financial documents. How do we comply with SA 720 . Can u provide me with the checklist / steps to b followed to comply with the new SA effective from 01.04.2010. Plz guide.
Rgds, Ronak |
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When you read the para 4 of SA 720 you will find that the auditor has to respond when documents containing audited financial statements and the auditor’s report thereon include other information that could undermine the credibility of those financial statements and the auditor’s report.
In this SA “documents containing audited financial statements” refers to annual reports (or similar documents), that are issued to owners (or similar stakeholders), containing audited financial statements and the auditor’s report thereon. This SA may also be applied, adapted as necessary in the circumstances, to other documents containing audited financial statements.
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