Hi all!
Please tell me wat is meant by audit report giving emphasis of matter.
It was asked in the Question paper of Audit in Nov 09 old course.
1 Replies
CA Saurabh upadhyay
(AM-F&A)
(26 Points)
Replied 11 February 2010
hi dear preeti...here is ur answer....
definition of an emphasis of matter paragraph:
"Drawing of attention by an auditor in the audit report to an important matter even though, it has been adequately diclosed in the accounts. Emphasis of matter does not constitute an audit qualification
In certain circumstances, an auditor’s report may be modified by adding an emphasis of matter paragraph to highlight a matter affecting the financial statements which is included in a note to the financial statements that more extensively discusses the matter. The addition of such an emphasis of matter paragraph does not affect the auditor’s opinion. The paragraph would preferably be included after the paragraph containing the auditor’s opinion but before the section on any other reporting responsibilities, if any. The emphasis of matter paragraph would ordinarily refer to the fact that the auditor’s opinion is not qualified in this respect.
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