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There are certain Auditing Standards which require the auditor to include an "other-matter paragraph". Please list...

There are certain Auditing Standards which require the auditor to include an "other-matter paragraph". Please list these standard sections and briefly explain why the paragraph is needed.

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Answer #1

ISA 706 includes other matter paragraph.This paragraph is included when auditor wants to draw attention of the user on the other things except for the financial statements.Mostly this paragraph is included after opinion paragraph.

Other matter paragraph is included because of below reasons-:

1.When non compliance is identified and management is not taking any corrective measures to rectify it.

2.when auditor is unable to obtain sufficient appropriate evidence due to restriction on work place.

3.when auditor has to report on two different sets of financial statements.

4.when financial statements are prepared for specific purpose then auditor add in other matter paragraph that this financial statement cannot be used by general users.

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