1 Answers
RaviRavi Staff answered 11 months ago

Follow sequence given once you watch 700 / 705 / 706 again come back and these 143(3)(f)&(h) points.
Then read below given impact.
In first part of audit report which is as per SA 700 series auditor puts modifications / qualifications / EMP / OMP.
So auditor has to analyse these comments, observations etc
if after analysis of modifications & EMP,OMP
auditor feels that there is adverse impact on functioning of company, that means it is related to losses , penalties etc on company then he has to specify n 2nd  part which is as per requirements of law that some points show adverse impact (loss)  on functioning of company 
similarly if after analysing modifications that there is problem with maintenance of books of accounts then comment in 2nd part some point indicate problem with maintenance  of books
so its like we made many comments, observation in 1st part now to make people understand its severity we are again commenting in 2nd part we have to comment whether they have adverse impact and whether it indicates problem with maintenance of books of account  

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