ISA 720 MindMap
ISA 720 MindMap
Definition: ① Communicate management Other Information obtained before Audit Report Other Information Some obtained
All information in Annual Report, except expectation to obtain Other Obtained after Audit before, Some
F/S and Audit Report. Information. Report (Case C) After (Case D)
② Obtain Other Information (Before
Examples: audit report, or After audit report, No Misstatement in Misstatement in Report Modified due to Report Modified due to
– Directors' Report, Chairman's Review or Some Before and Some After). Other Information Other Information misstatement in F/S, same scope limitation, same
③ Read whether it is inconsistent (Case A) (Case B) matter included in Other matter included in Other
Matters Discussed: with F/S or Auditor's knowledge. Information (Case E) Information (Case F)
– Financial Highlights (EPS, Revenue,
Ratios)
– Operating Highlights (units sold,
summary of locations, disclosure of new
products launched).
① Discuss with Management & TCWG ① Update Undersanding Before Audit Report After Audit Report
② Modify Opinion ② Revise Risk (Ask management/TCWG to correct) (Ask management/TCWG to correct)
③ Re-evaluate effect of
uncorrected misstatements
on F/S and Report
Other Information Other Information Other Information Other Information
Corrected NOT Corrected Corrected NOT Corrected
Check correction ① Describe misstatement in – Check Correction. Take appropriate action depending on legal rights
"Other Information" section – No revision in report. and obligations e.g.
② Withdrawal or Disclaimer of – New Report
Opinion if refusal creates doubts – Communicate Shareholders
on Integrity of Management, and – Communicate Regulatory Authorities
Reliability of Evidence. – Consider implications for engagement continuance