06 July 2024
However, I can guide you on the general format and key disclosures that are typically included in the audit report and financial statements for FY 2021-22. Here are some important points and disclosures that are often included:
Audit Report Format:
1. Title and Addressee: • Title: Independent Auditor’s Report • Addressee: To the shareholders of [Company Name] 2. Introductory Paragraph: • Identification of the financial statements audited. • Identification of the responsibilities of management and the auditor. 3. Scope Paragraph: • Description of the scope of the audit. • Reference to applicable auditing standards. 4. Opinion Paragraph: • Expression of the auditor’s opinion on the financial statements. • Clear statement regarding whether the financial statements give a true and fair view. 5. Basis for Opinion: • Explanation of the basis for the auditor’s opinion, including: • Audit evidence obtained. • Materiality considerations. • Significant audit judgments and estimates. 6. Emphasis of Matter (if applicable): • Reference to any matters deemed necessary to emphasize. • Reason for emphasizing these matters. 7. Other Reporting Responsibilities: • Reporting on other legal and regulatory requirements, if applicable (e.g., reporting on internal financial controls). 8. Auditor’s Signature and Date: • Signature of the auditor. • Date of the auditor’s report.
Financial Statements Disclosures:
1. Ageing of Trade Payables and Receivables: • Disclosure of the ageing analysis of trade payables and receivables. • Breakdown into categories such as current, 30-60 days, 60-90 days, and over 90 days. 2. Ratio Analysis: • Key financial ratios analysis, such as liquidity ratios, profitability ratios, and leverage ratios. • Explanation of significant changes compared to the previous year. 3. Significant Accounting Policies: • Disclosure of significant accounting policies followed in preparing the financial statements. • Changes in accounting policies and the impact of these changes. 4. Related Party Disclosures: • Disclosure of transactions with related parties, including nature and extent of transactions. • Explanation of any changes in related party transactions compared to the previous year. 5. Contingent Liabilities and Commitments: • Disclosure of contingent liabilities and commitments, including legal claims and guarantees. 6. Events After the Reporting Period: • Disclosure of material events occurring after the reporting period but before the financial statements are issued. 7. Non-Financial Disclosures (if applicable): • Environmental, social, and governance (ESG) disclosures as required by applicable regulations.
Reporting Format Changes:
• Ensure compliance with the latest auditing standards (e.g., Standards on Auditing issued by ICAI). • Incorporate any new disclosure requirements introduced by regulatory authorities (e.g., changes due to Companies Act amendments). • Use standardized formats for presentation of financial statements, including balance sheet, profit and loss statement, and cash flow statement.
For the specific format and detailed disclosures applicable to your company, it’s advisable to consult with your auditor or a qualified accounting professional. They can provide you with a tailored format that meets all current regulatory and reporting requirements for FY 2021-22.
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