a. General purpose financial statements
In line with ISA 700, the Auditor’s Report on Financial Statements, general purpose financial statements are financial statements prepared in
accordance with a general-purpose framework, that is designed to meet the common financial information needs of a wide range of users.
The financial reporting framework may be a fair presentation framework or a compliance framework. The term “fair presentation framework” is used to refer to a financial reporting framework that requires compliance with the requirements of the framework.

b. The contents of audit opinion in financial statements to the audit committee.
The auditor is required to evaluate whether:
i. He has obtained sufficient, appropriate audit evidence as to whether the financial statements are free from material misstatement;
ii. Uncorrected misstatements are material individually or in aggregate;
iii. The financial statements have been prepared in accordance with the requirements of the applicable financial reporting framework (which for
a “fair presentation framework” will include evaluating whether the financial statements give a true and fair view and in particular whether:

• The financial statements adequately refer to or describe the applicable financial reporting framework;
• The financial statements adequately disclose the entity’s significant accounting policies;
• The significant accounting policies are appropriate and consistent with the applicable financial reporting framework;
• Accounting estimates are reasonable;
• The information in the financial statements are relevant, reliable, comparable and understandable;
• The financial statements provide adequate disclosures; and
• The terminology used in the financial statements is appropriate.