The purpose of this AAS is to establish standards on the form and content of the auditor’s report issued as a result of an audit performed by an auditor of the financial statements of an entity. Much of the standards laid down by this AAS can be adapted to auditor’s reports on financial information other than financial statements. The AAS deals extensively with the concepts such as the basic elements of an auditor’s report, what is an unqualified opinion, the concept of modified audit report - qualified opinion, adverse opinion, disclaimer opinion, matters that affect the auditor’s opinion and matters that do not affect the auditor’s opinion, emphasis of matter paragraphs, illustrative audit reports in each case.

This Auditing and Assurance Standard becomes operative for all audits relating to accounting periods beginning on or after 1st April 2003.

Issued in March, 2003.
Published in the Handbook of Auditing Pronouncements, Vol. I, (Edn. 2003).
Also available as a separate publication of the Institute (Price: Rs. 25/-).
ISBN: 81-88437-12-3.