ALRAQABA . ISSUE 15
49
First: Audit Reporting Standards:
Different Supreme Audit Institutions (SAIs) produce various reports in accordance with the INTOSAI
standards; including financial audit reports, performance audit reports, and compliance audit
reports, as discussed below:
Financial audit reports:
The financial audit reports are issued by SAIs as a result of auditing a comprehensive set of
financial statements. Those general purpose statements shall be prepared in compliance with
the financial reporting framework, which is intended to achieve a fair presentation of financial
statements and provide guidance on the matters to be examined by an external auditor to form an
opinion on those statements. When preparing financial reports, it is imperative that the auditor takes
into account the fundamental distinctions between the requirements of the INTOSAI Standards
for Supreme Audit Institutions (ISSAIs) and the International Standards on Auditing (ISAs). Those
distinct differences are summarized in the following table:
Forming an Opinion and Reporting
on Financial Statements
(ISSAI 1700)
Modifications to the Opinion in the
Independent Auditor’s Report
(ISSAI 1705)
NA
The Emphasis of Matter Paragraphs
and Other Matter Paragraphs in the
Independent Auditor’s Report
(ISSAI 1706)
Forming an Opinion and Reporting
on Financial Statements
(ISA 700)
Modifications to the Opinion in the
Independent Auditor’s Report
(ISA 705)
Communicating Key Audit Matters in
the Independent Auditor’s Report
(ISA 701)
The Emphasis of Matter Paragraphs
and Other Matter Paragraphs in the
Independent Auditor’s Report
(ISA 706)
Forming an
opinion
Modifications to
the opinion
Communicating
key matters
“Emphasis of
Matter” paragraph
and “Other
Matters” paragraph
Aspect
ISSAIs
ISAs
Audit
Finance and
