the responsibility with responsibility for preparation of the practitioner’s management’s financial statements. Reference to standards (Ref: Para. 86(f)) A127. The reference to the standards used by the practitioner for the review conveys to the users of the report that the review has been conducted in accordance with practitioner’s established standards. Communication of the Nature of a Review of Financial Statements (Ref: Para. 86(g)) A128. The description of the nature of a review engagement in the report explains practitioner’s the scope and limitations of the engagement undertaken for the benefit of the readers of the report. This explanation clarifies, for avoidance of doubt, that the review is not an audit and that accordingly, the practitioner does not express an audit opinion on the financial statements. Description of the Applicable Financial Reporting Framework and How It May Affect the Conclusion (Ref: Para. 86(i)(ii)) Practitioner’s A129. The identification of the applicable financial reporting framework in the practitioner’s conclusion is intended to advise users of the report of the context in which practitioner’s that conclusion is expressed. It is not intended to limit the evaluation required in paragraph 30(a). The applicable financial reporting framework is identified in such terms as: in accordance with Philippine Financial Reporting or “… Standards;” in accordance with accounting principles generally accepted in “… Jurisdiction X …” A130. When the applicable financial reporting framework encompasses financial reporting standards and legal or regulatory requirements, the framework is identified in such terms as in accordance with Philippine Financial Reporting Standards and the requirements “… of Jurisdiction X Corporations Act.” Basis for Modification Paragraph When the Conclusion Is Modified (Ref: Para. 85(h)(ii)) A131. An adverse conclusion or a disclaimer of conclusion relating to a specific matter described in the basis for modification paragraph does not justify the omission of a description of other identified matters that would have otherwise required a modification of the conclusion. In such cases, the disclosure of such other matters of which practitioner’s the practitioner is aware may be relevant to users of the financial statements. Signature of the Practitioner (Ref: Para. 86(l)) A132. The signature is either in the name of the firm, the personal practitioner’s practitioner’s
the practitioner’s responsibility with management’s responsibility for preparation of the financial statements. Reference to standards (Ref: Para. 86(f)) A127. The reference to the standards used by the practitioner for the review conveys to the users of the practitioner’s report that the review has been conducted in accordance with established standards. Communication of the Nature of a Review of Financial Statements (Ref: Para. 86(g)) A128. The description of the nature of a review engagement in the practitioner’s report explains the scope and limitations of the engagement undertaken for the benefit of the readers of the report. This explanation clarifies, for avoidance of doubt, that the review is not an audit and that accordingly, the practitioner does not express an audit opinion on the financial statements. Description of the Applicable Financial Reporting Framework and How It May Affect the Practitioner’s Conclusion (Ref: Para. 86(i)(ii)) A129. The identification of the applicable financial reporting framework in the practitioner’s conclusion is intended to advise users of the practitioner’s report of the context in which that conclusion is expressed. It is not intended to limit the evaluation required in paragraph 30(a). The applicable financial reporting framework is identified in such terms as: “… in accordance with Philippine Financial Reporting Standards;” or “… in accordance with accounting principles generally accepted in Jurisdiction X …” A130. When the applicable financial reporting framework encompasses financial reporting standards and legal or regulatory requirements, the framework is identified in such terms as “… in accordance with Philippine Financial Reporting Standards and the requirements of Jurisdiction X Corporations Act.” Basis for Modification Paragraph When the Conclusion Is Modified (Ref: Para. 85(h)(ii)) A131. An adverse conclusion or a disclaimer of conclusion relating to a specific matter described in the basis for modification paragraph does not justify the omission of a description of other identified matters that would have otherwise required a modification of the practitioner’s conclusion. In such cases, the disclosure of such other matters of which the practitioner is aware may be relevant to users of the financial statements. Signature of the Practitioner (Ref: Para. 86(l)) A132. The practitioner’s signature is either in the name of the practitioner’s firm, the personal