| 8. | The auditor's report on the financial statements shall contain a clear written expression of opinion on the financial statements taken as a whole, based on the auditor evaluating the conclusions drawn from the audit evidence obtained, including evaluating whether: |
| (a) | Sufficient appropriate audit evidence as to whether the financial statements as a whole are free from material misstatement, whether due to fraud or error has been obtained; |
| (b) | Uncorrected misstatements are material, individually or in aggregate. This evaluation shall include consideration of the qualitative aspects of the entity's accounting practices, including indicators of possible bias in management's judgments; (Ref: Para. A1-A3) |
| (c) | In respect of a true and fair framework, the financial statements, including the related notes, give a true and fair view; and |
| (d) | In respect of all frameworks the financial statements have been prepared in all material respects in accordance with the framework, including the requirements of applicable law. |
| 9. | In particular, the auditor shall evaluate whether: |
| (a) | The financial statements adequately refer to or describe the relevant financial reporting framework; |
| (b) | The financial statements adequately disclose the significant accounting policies selected and applied; |
| (c) | The accounting policies selected and applied are consistent with the applicable financial reporting framework, and are appropriate in the circumstances; |
| (d) | Accounting estimates are reasonable; |
| (e) | The information presented in the financial statements is relevant, reliable, comparable and understandable; |
| (f) | The financial statements provide adequate disclosures to enable the intended users to understand the effect of material transactions and events on the information conveyed in the financial statements; and |
| (g) | The terminology used in the financial statements, including the title of each financial statement, is appropriate. |
| 10. | With respect to compliance frameworks an unqualified opinion on the financial statements shall be expressed only when the auditor concludes that they have been prepared in accordance with the identified financial reporting framework, including the requirements of applicable law. |
| 11. | With respect to true and fair frameworks an unqualified opinion on the financial statements shall be expressed only when the auditor concludes that they have been prepared in accordance with the identified financial reporting framework, including the requirements of applicable law, and the financial statements give a true and fair view. |
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