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Management is responsible for preparing the financial statements of ABC Company in accordance with the relevant financial reporting provisions and ensuring internal controls are in place. The independent auditor's report states that the financial statements for the year ended December 31, 20X1 are prepared in all material respects and provides reasonable assurance against material misstatements. The report emphasizes that the financial statements are intended for specific parties and may not be suitable for other purposes.

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805

Management is responsible for preparing the financial statements of ABC Company in accordance with the relevant financial reporting provisions and ensuring internal controls are in place. The independent auditor's report states that the financial statements for the year ended December 31, 20X1 are prepared in all material respects and provides reasonable assurance against material misstatements. The report emphasizes that the financial statements are intended for specific parties and may not be suitable for other purposes.

Uploaded by

Eman akram
Copyright
© © All Rights Reserved
Available Formats
Download as PDF, TXT or read online on Scribd
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Responsibilities of Management and Those Charged

with Governance for the Financial Statements


Management is responsible for the preparation of the financial
statements in accordance with the financial reporting provisions of

ISA Audit of single Financial Statement or Section Z of the contract and for such internal control as management
determines is necessary to enable the preparation of financial statements
805 specific element of Financial Statement that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, management is responsible for
assessing the Company's ability to continue as a going concern,
disclosing, as applicable, matters relating to going concern and using the
INDEPENDENT AUDITOR'S REPORT going concern basis of accounting unless management either intends to
[Appropriate Addressee] liquidate the Company or to cease operations, or has no realistic
alternative but to do so.
Opinion Revenue, Receivable, Payable Those charged with governance are responsible for overseeing the
Company's financial reporting process.
We have audited the financial statements of ABC Company (the Company), which comprise
the balance sheet as at December 31, 20X1, and the income statement,statement of changes in
Auditor's Responsibilities for the Audit of the
equity and cash flow statement for the year then ended, and notes to the financial statements,
including a summary of significant accounting policies.
Financial Statements
In our opinion, the accompanying financial statements of the Company for the year ended Our objectives are to obtain reasonable assurance about whether the financial
December 31, 20X1 are prepared in all material respects, in accordance with the financial statements as a whole are free from material misstatement, whether due to
reporting provisions of Section Z of the contract dated January 1, 20X1 between the Company fraud or error, and to issue an auditor's report that includes our opinion.
and DEF Company ("the contract"). Reasonable assurance is a high level of assurance, but is not a guarantee that
an audit conducted in accordance with ISAs will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and
Basis for Opinion
are considered material if, individually or in the aggregate, they could
We conducted our audit in accordance with International Standards on Auditing (ISAS). Our reasonably be expected to influence the economic decisions of users taken on
responsibilities under those standards are further described in the Auditor's Responsibilities the basis of these financial statements.
for the Audit of the Financial Statements section of our report. We are independent of the
Company in accordance with the ethical requirements that are relevant to our audit of the
financial statements in [jurisdiction], and we have fulfilled our other ethical responsibilities in
accordance with these requirements. We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our opinion.

Emphasis of Matter - Basis of Accounting and Restriction on Distribution and Use


We draw attention to Note X to the financial statements, which describes the basis of accounting.
The financial statements are prepared to assist the Company in complying with the financial
reporting provisions of the contract referred to above. As a result, the financial statements may
not be suitable for another purpose. Our report is intended solely for the Company and DEF
Company and should not be distributed to or used by parties other than the Company or DEF
Company. Our opinion is not modified in respect of this matter.

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