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ISSAI Executive Summaries

Executive Summary:

ISSAI 1700 – Forming an Opinion and Reporting on Financial Statements


This Practice Note provides supplementary guidance on ISA 700 - Forming an Opinion and Reporting on Financial Statements

ISSAI Category:

Level 4: General Auditing Guidelines - General Auditing Guidelines on Financial Audit

Target Group:

Public sector external auditors


ISA 700 deals with the auditor's responsibility to form an opinion on the financial statements as well as with the form and content of auditor’s report issued as a result of an audit of financial statements.

It is written in the context of a complete set of general purpose financial statements and promotes consistency in the auditor's report. 

Scope - Content:

The Practice Note provides additional guidance for public sector auditors related to

  • Scope of the ISA
  • Auditor's report
  • Disclosure of the effects of material transactions and events on the information conveyed in the financial statements.

The Appendix of the ISA provides illustrations of auditor's reports on financial statements.

Author - Committee:

INTOSAI Professional Standards Committee – Financial Audit Subcommittee


Approved at XXth Congress of INTOSAI, Johannesburg 2010


Related Documents - Executive Summaries:
Related Documents - ISSAI Full Versions:
Related Documents - Others:

ISA 700 is applicable to auditors of public sector entities in their role as auditors of financial statements.

Other related ISA are

  • ISA 705 – Modifications to the Opinion in the Independent Auditor's Report
  • ISA 706 – Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor's Report
  • ISA 800 – Special Considerations – Audit of Financial Statements Prepared in Accordance with Special Purpose Frameworks
  • ISA 805 – Special Considerations – Audit of Single Financial Statements and Specific Elements, Accounts or Items of a Financial Statement

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