TWSA700 Forming an Opinion and Reporting on Financial Statements

Status

Revised by Auditing Standards Committee in Taiwan on 4 October, 2022

Summary

This Standard deals with the auditor’s responsibility to form an opinion on the financial statements. It also deals with the form and content of the auditor’s report issued as a result of an audit of financial statements.
The auditor shall form an opinion on whether the financial statements are prepared, in all material respects, in accordance with the applicable financial reporting framework. In order to form that opinion, the auditor shall conclude as to whether the auditor has obtained reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error.
The auditor shall express an unmodified opinion when the auditor concludes that the financial statements are prepared, in all material respects, in accordance with the applicable financial reporting framework.
The auditor’s report shall be in writing. At a minimum , the auditor’s report shall includes: title, addressee, auditor’s opinion, basis for opinion, responsibilities for the financial statements, auditor’s responsibilities for the audit of the financial statements, signature of the auditor, auditor’s address, and date of the auditor’s report.
The auditor shall communicate key audit matters in the auditor’s report in accordance with TWSA701:
1.for audits of complete sets of general purpose financial statements of listed entities;
2.when the auditor is otherwise required by law or regulation or decides to communicate key audit matters in the auditor’s report.

Effective date

This Standard is effective from 15 December, 2022.