Acca aaa s21 Notes

3.3. The Basis for Opinion
This will refer to compliance with the ISAs (complying with ISAs is key to the basis of opinion) and will 
refer to the auditor’s responsibilities section of the report. It must include an assertion of the auditor’s 
independence and that other ethical matters have been complied with.
If the audit opinion has been modified, the explanation would be here too.
As appropriate, this paragraph would be called:
๏
Basis for opinion
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Basis for qualified opinion
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Basis for adverse opinion
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Basis for disclaimer of opinion
September 2021 to June 2022 exams
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3.4. Material uncertainty related to going concern (if one)
A separate paragraph is required if there is a material uncertainty related to the going concern of the 
company. The need for such a paragraph is covered more fully in the following chapter. 
This paragraph is 
not 
a modification of the audit opinion – provided the uncertainty has been
adequately disclosed by the directors in the notes to the financial statements.
3.5. Key audit matters
Key audit matters are those matters that were of most significance during the audit.
There is then a full description of these matters in accordance with ISA 701. This is covered in more 
detail below.
3.6. Emphasis of matter paragraph (if one)
This paragraph is used to draw users’ attention to a matter already 
properly disclosed in the 
financial statements.
For example, a note stating that there had been a fire at the company’s 
premises after the date of the statement of financial position.
An emphasis of matter paragraph is