Note the requirement to specify the Independent auditor’s report to titles of the financial statements. It is the members of [XYZ Limited] no longer permitted to refer to page numbers. Opinion Also note the specific requirement to We have audited the financial include the words a ‘including statements of [XYZ Limited] (the summary of significant accounting for the year ended ‘company’) policies’ after the notes to the financial [date] which comprise [specify the statements titles of the primary statements] and Note there is no requirement to refer notes to the financial statements, to FRS 102 1A, in the way that the including a summary of significant previous audit report would have accounting policies. The financial referred to FRSSE. reporting framework that has been applied in their preparation is applicable law and United Kingdom The opinion on the financial Accounting Standards, including statements is unchanged, apart from removal of the reference to Financial Reporting Standard 102 to small entities’ after ‘applicable The Financial Reporting Standard reference to UK GAAP. applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Basis for opinion Practice). We conducted our in accordance In our opinion, the financial with International Standards on statements: Auditing (UK) (ISAs (UK)) and give a true and fair view of applicable law. Our responsibilities the state of the company’s under those standards are further affairs as at [date] and of its described in the Auditor’s [profit/loss] for the year then responsibilities for the audit of the ended; financial statements section of our have been properly prepared report. We are independent of the in accordance with United company in accordance with the Kingdom Generally Accepted ethical requirements that are relevant Accounting Practice; to our audit of the financial statements have been prepared in in the UK, including the FRC’s Ethical accordance with the Standard [, and the provisions requirements of the available for small entities, in the Companies Act 2006. circumstances set out in note [X] to the financial statements], and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. There is no change in the title or addressees of the audit report In the previous report a single The opinion section now appears at paragraph covered the respective the beginning of the report, an responsibilities of the directors and introductory paragraph and then the the auditor. The two are now split into opinion itself. separate sections of the report.
Independent auditor’s report to the members of [XYZ Limited] Opinion We have audited the financial statements of [XYZ Limited] (the ‘company’) for the year ended [date] which comprise [specify the titles of the primary statements] and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements: give a true and fair view of the state of the company’s affairs as at [date] and of its [profit/loss] for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; have been prepared in accordance with the requirements of the Companies Act 2006. There is no change in the title or addressees of the audit report The opinion section now appears at the beginning of the report, an introductory paragraph and then the opinion itself. Note the requirement to specify the titles of the financial statements. It is no longer permitted to refer to page numbers. Also note the specific requirement to include the words ‘including a summary of significant accounting policies’ after the notes to the financial statements Note there is no requirement to refer to FRS 102 1A, in the way that the previous audit report would have referred to FRSSE. The opinion on the financial statements is unchanged, apart from removal of the reference to ‘applicable to small entities’ after reference to UK GAAP. Basis for opinion We conducted our in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard [, and the provisions available for small entities, in the circumstances set out in note [X] to the financial statements], and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. In the previous report a single paragraph covered the respective responsibilities of the directors and the auditor. The two are now split into separate sections of the report.