Ministry of Finance, Specific Independent Audit Guidelines (No.7): Audit Reports (Revised)

Issued: April 14 2003
Effective: July 1 2003

Main contents: The revised Guidelines now require an audit report to include an introductory paragraph and the name, address and seal of the accounting firm (Article 7). A certified accountant should now be responsible for the audit report issued instead of responsible for the "truthfulness and legality of the audit report issued" (Article 4). The Guidelines also specify details on the inclusion of a paragraph on an emphasis of matter (Article 22). On the other hand the inclusion in the opinion paragraph of whether the accounting method applied complies with the principle of consistency is no longer required.
Related legislation: Basic Independent Audit Guidelines