The Auditor’s Responsibilities in Relation to the Financial Statement Audit are:
The auditor shall communicate with those charged with governance the responsibilities of the auditor in relation to the financial statement audit, including that:
- The auditor is responsible for forming and expressing an opinion on the financial statements that have been prepared by management with the oversight of those charged with governance; and
- The audit of the financial statements does not relieve management or those charged with governance of their responsibilities.
Planned Scope and Timing of the Audit:
The auditor shall communicate with those charged with governance an overview of the planned scope and timing of the audit.
Significant Findings from the Audit:
The auditor shall communicate with those charged with governance:
- The auditor’s views about significant qualitative aspects of the entity’s accounting practices, including accounting policies, accounting estimates and financial statement disclosures. When applicable, the auditor shall explain to those charged with governance why the auditor considers a significant accounting practice, that is acceptable under the applicable financial reporting framework, not to be most appropriate to the particular circumstances of the entity;
- Significant difficulties, if any, encountered during the audit;
- Unless all of those charged with governance are involved in managing the entity:
i. Significant matters, if any, arising from the audit that were discussed, or subject to correspondence with management; and
ii. Written representations the auditor is requesting; and
- Other matters, if any, arising from the audit that in the auditor’s professional judgment is significant to the oversight of the financial reporting process.