Question
SA 700 requires the use of specific headings which are
intended to assist in making auditor’s reports, that refer to audits that have been conducted in accordance with SA, more recognizable. Which of the following is not a specific heading? Read the following passage and answer the next 4 question (Q23-Q26) The purpose of an audit is to enhance the degree of confidence of intended users of the financial statements. The aforesaid purpose is achieved by the expression of an independent reporting by the auditor as to whether the financial statements exhibit a true and fair view of the affairs of the entity. Thus, an audit report is an opinion drawn on the entity’s financial statements to make sure that the records are true and fair representation of the transactions they claim to represent. This involves considering whether the financial statements have been prepared in accordance with an acceptable financial reporting framework applicable to the entity under audit. It is also necessary to consider whether the financial statements comply with the relevant statutory requirements. The main users of audit report are shareholders, members and all other stakeholders of the company. SA 700 (Revised) - “Forming an Opinion and Reporting on Financial Statements”, deals with the auditor’s responsibility to form an opinion on the financial statements. It also deals with the form and content of the auditor’s report issued as a result of an audit of financial statementsSolution
The auditor’s report shall be in writing. This SA- 700 requires the use of specific headings, which are intended to assist in making auditor’s report more recognizable, where audit is conducted in accordance with the relevant Standards on Auditing. The following format is followed: 
 Notes to accounts is part of financial statements schedules
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