Objective
To issue an International Auditing Practice Statement (IAPS) to supplement ISA 700, The Auditors Report on Financial Statements, in order to clarify the auditors response when management asserts that financial statements are prepared:
- solely in accordance with IFRSs,
- in accordance with both IFRSs and a national financial reporting framework, or
- in accordance with a national financial reporting framework, but include disclosures as to the extent of compliance with IFRSs.