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HSA 705 (Revised) Issued August 2015; revised January 2016, August 2016, June 2017 Effective for audits of financial statements for periods ending on or after 15 December 2016Hong Kong Standard on

How to fill out hksa 705 form

How to fill out HKSA 705:

1. Read the standard: The first step in filling out HKSA 705 is to carefully read the standard. Familiarize yourself with its requirements, objectives, and any specific guidance provided.
2. Understand the organization: Gain a thorough understanding of the organization you are working with. This includes understanding its industry, operations, internal controls, and any applicable laws and regulations.
3. Identify significant risks: Identify and assess the significant risks that might impact the organization's financial statements. Consider both internal and external factors that may affect the entity's ability to achieve its financial reporting objectives.
4. Plan the audit: Develop a comprehensive audit plan that outlines the approach, scope, and timing of the audit procedures. Take into account the identified risks and devise appropriate audit responses to address them effectively.
5. Perform audit procedures: Execute the planned audit procedures, which may include inquiries, analytical procedures, inspections, and tests of controls and transactions. Document the evidence obtained to support your findings and conclusions.
6. Evaluate the findings: Evaluate the results of the audit procedures performed and assess their implications on the financial statements. Determine whether any adjustments or disclosures are necessary to achieve fair presentation.
7. Prepare the audit report: Prepare the audit report in accordance with the requirements of HKSA 705. Ensure that the report includes all relevant and necessary information, including a clear expression of your opinion on the fairness of the financial statements.

Who needs HKSA 705?

1. Auditors: HKSA 705 is primarily designed for auditors who are responsible for conducting audits of financial statements. It provides guidance on the auditor's responsibilities regarding the evaluation of management's assessment of the entity's ability to continue as a going concern.
2. Entities subject to audit: Any entity that requires a financial statement audit is indirectly impacted by HKSA 705. This includes listed companies, private organizations, non-profit entities, and government agencies.
3. Financial statement users: Financial statement users, such as investors, lenders, creditors, and other stakeholders, indirectly benefit from HKSA 705. The standard ensures that auditors thoroughly evaluate the going concern assumption, providing more reliable and transparent financial information.

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What is hksa 705?

HKSA 705 is an auditing standard issued by the Hong Kong Institute of Certified Public Accountants (HKICPA) that deals with modifications to the auditor's report.

Who is required to file hksa 705?

Auditors of entities in Hong Kong are required to follow HKSA 705 when issuing audit reports.

How to fill out hksa 705?

To fill out HKSA 705, auditors must identify and disclose any material misstatements found during the audit and explain how these misstatements were addressed in the audit report.

What is the purpose of hksa 705?

The purpose of HKSA 705 is to ensure transparency and accuracy in audit reports by requiring auditors to disclose any modifications to their opinions.

What information must be reported on hksa 705?

Auditors must report any material misstatements identified during the audit, the impact of these misstatements on the financial statements, and any modifications made to the audit report.