NIA (700)

NIA

AUDITOR'S REPORT

Social

Auditoria

The auditor's report should be in writing.

Contaduria

NIA 700

A written report encompasses both reports issued in hard copy format, such as those using an electronic medium

Norma internacional de auditoria 700

THE INDEPENDENT AUDITOR'S OPINION ON A COMPLETE SET OF GENERAL PURPOSE FINANCIAL STATEMENTS

PURPOSE

Members

Kelly Johanna Nieto

Angie Jimena Torres

Monica Viviana Sepulveda

Elements of the auditor

AUDITOR'S RESPONSIBILITY

INTRODUCTORY PARAGRAPH

The auditor's report should state that the auditor's responsibility is to express an opinion on these financial statements based on the audit.

TITLE

Identify the entity whose financial statements have been audited and declare that the financial statements are audited.

It must:

• Identify the title of each financial statement comprising the complete set of financial statements
• Refer to the summary of significant accounting policies and other explanatory notes
• Specify the date and period covered by the financial statements

Establish standards and provide guidance on the auditor's independent opinion, as a result of an audit based on a complete set of general purpose financial statements prepared according to framework of financial reporting designed to achieve a fair presentation. It also guides on matters that the auditor considers to form an opinion on these financial statements.

The auditor's report shall have a title that clearly indicates that it is the opinion of an independent auditor.

"The auditor's report should contain a clear expression of the auditor's opinion on the financial statements"

MANAGEMENT'S RESPONSIBILITY FOR FINANCIAL STATEMENTS

ADDRESSEE

Declaring that management is responsible for the preparation and fair presentation of financial statements in accordance with a framework

RIGHTFUL

The auditor's report should be addressed as required by the circumstances of work

INCLUDE

• Designing, implementing and maintaining internal control relevant to the preparation and fair representation of financial statements which are free of any misstatement of materiality, whether due to fraud or error.
• Selecting and applying appropriate accounting policies.
• Making accounting prediction that are reasonable in the circumstances.

FINANCIAL STATEMENTS

Auditor's address

FIRM OF AUDITOR

The report should give the name of place or jurisdiction where the auditor works.

The opinion of the auditor shall be signed

OPINION OF THE AUDITOR

REASONABLE

Should express an unqualified opinion when the auditor concludes that the financial statements give a true and fair view or unless they are presented fairly in all material respect, in accordance with the framework applicable financial information.

DATE OF AUDITOR'S REPORT

Other reporting responsibilities

The auditor should evaluate the conclusions drawn from the audit evidence obtained as the basis for forming an opinion on the financial statements

The auditor should date the report on the financial statements prior to the date on which the auditor has obtained sufficient appropriate audit evidence, must include evidence that is submitted in complete set of financial statements of the entity and those with the recognized authority that has taken responsibility for them.

Note: NIA 800

When the auditor addresses other reporting responsibilities within the auditor's report on the financial statements, this should be handled in a separate section in the auditor's report that follows the paragraph of the opinion.