Acca aa s21 Notes

WHEN YOU FINISHED THIS CHAPTER YOU SHOULD ATTEMPT THE 
ONLINE AA MCQ TEST
 
September 2021 to June 2022 exams
Watch our free ACCA AA lectures
25

---

Only on 
OpenTuition
you can find: Free ACCA notes 
•
Free ACCA lectures 
•
Free ACCA tests 
•
Free ACCA tutor support 
•
The largest ACCA community
September 2021 to June 2022 exams
Watch our free ACCA AA lectures
26

---

Only on 
OpenTuition
you can find: Free ACCA notes 
•
Free ACCA lectures 
•
Free ACCA tests 
•
Free ACCA tutor support 
•
The largest ACCA community
THE INDEPENDENT AUDITOR'S REPORT
Chapter 5
THE AUDITOR’S REPORT
1. Introduction
For some users of financial statements, the auditor's report is the only purpose of an audit and it’s one 
of the few parts of an annual report containing the financial statements they really look at.
The auditor’s report includes a clear expression of opinion on the financial statements as a whole.
The two important phrases are:
๏
‘Opinion’
: there is nothing absolute here. Different firms of auditors could quite legitimately 
come to different opinions.
๏
‘
Financial statements as a whole’.
We are not just looking at the statement of financial 
position in isolation from the statement of profit or loss or the notes. What’s important is the 
impression given by the financial statements as a whole.
The audit opinion has to be based on evidence obtained in the course of the audit. Indeed if you had 
to sum up the audit process in just a couple of words it the phrase would be ‘evidence gathering’. 
Auditors need to collect evidence that will support their opinion on the financial statements. 
We will see later that the auditor’s report is quite long and detailed.