The Council of the Institute in its 288th meeting (held on 7th and 8th July 2017) has accepted the Auditing Standards Committee’s recommendation to revise ATR 17 Auditors’ Report to the Trustees/Board of Governors/Management Committee in order to align it with the requirements of the International Standard on Auditing (ISA) 700 (Revised) Forming an Opinion and Reporting on Financial Statements.
ATR 17 (Revised 2017) contains two illustrative auditor’s report formats:
- Illustration 1: An auditor’s report on the financial statements of a welfare entity prepared in accordance with approved accounting and reporting standards as applicable in Pakistan.
- Illustration 2: An auditor’s report on the financial statement of a welfare entity prepared in accordance with the cash receipts and expenditure basis / cash receipts and disbursements basis.
ATR 17 (Revised 2017) will supersede the ATR 17 (Revised 2015), and it is effective for audits of financial statements for the periods ending on or after June 30, 2017.
Members are advised to take guidance from the enclosed formats of the auditor’s reports.