(UK) 710 - Financial Reporting Council

accountants and actuaries, and oversee the regulatory activities of the accountancy and actuarial professional ... Definitions . ... auditor or were not audited, the requirements and guidance in ISA (UK) 510 (Revised. June 2016)1 regarding ...
172KB Sizes 6 Downloads 149 Views
Standard Audit and Assurance

Financial Reporting Council

June 2016

International Standard on Auditing (UK) 710 Comparative Information – Corresponding Figures and Comparative Financial Statements

The FRC is responsible for promoting high quality corporate governance and reporting to foster investment. We set the UK Corporate Governance and Stewardship Codes as well as UK standards for accounting, auditing and actuarial work. We represent UK interests in international standard-setting. We also monitor and take action to promote the quality of corporate reporting and auditing. We operate independent disciplinary arrangements for accountants and actuaries, and oversee the regulatory activities of the accountancy and actuarial professional bodies.

The FRC does not accept any liability to any party for any loss, damage or costs howsoever arising, whether directly or indirectly, whether in contract, tort or otherwise from any action or decision taken (or not taken) as a result of any person relying on or otherwise using this document or arising from any omission from it. © The Financial Reporting Council Limited 2016 The Financial Reporting Council Limited is a company limited by guarantee. Registered in England number 2486368. Registered Office: 8th Floor, 125 London Wall, London EC2Y 5AS

INTERNATIONAL STANDARD ON AUDITING (UK) 710 COMPARATIVE INFORMATION— CORRESPONDING FIGURES AND COMPARATIVE FINANCIAL STATEMENTS (Effective for audits of financial statements for periods ending on or after 15 December 2010)

CONTENTS Paragraph Introduction Scope of this ISA (UK) ............................................................................................

1

The Nature of Comparative Information ..................................................................

2–3

Effective Date ..........................................................................................................

4

Objectives ..............................................................................................................

5

Definitions .............................................................................................................

6

Requirements Audit Procedures ....................................................................................................

7–9

Audit Reporting .......................................................................................................

10–19

Application and Other Explanatory Material Audit Procedures ....................................................................................................

A1-1–A1

Audit Reporting .......................................................................................................

A2–A11

Appendix: Illustrations of Auditors’ Reports

International Standard on Auditing (UK) (ISA (UK)) 710, Comparative Information— Corresponding Figures and Comparative Financial Statements, should be read in conjunction with ISA (UK) 200 (Revised June 2016), Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with International Standards on Auditing (UK).

1

ISA (UK) 710

Introduction Scope of this ISA (UK) 1.

This International Standard on Auditing (UK) (ISA (UK)) deals with the auditor’s responsibilities relating to comparative information in an audit of financial statements. When the financial statements of the prior period have been audited by a predecessor auditor or were not audited, the requirements and guidance in ISA (UK) 510 (Revised June 2016)1 regarding opening balances also apply.

The Nature of Comparative Information 2.

The nature of the comparative information that is presented in an entity’s financial sta