As part of the process of repealing the Mexican auditing standards, from 2013 and the comprehensive adoption of the international auditing standards from 2012, one of the most notorious changes for the users of the financial statement reports, is precisely the wording of the same, which we will begin to use on an obligatory basis for audits from 2012 onwards. Below are the formats in comparative form:
Independent auditors' opinion
To the Board of Directors and Shareholders of Compañía X, SA de CV:
We have examined the balance sheets of Company X, as of December 31, 2011 and 2010, and the statements of income, of changes in stockholders' equity and cash flows, that are relative to them, for the years that ended on those dates. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on them based on our audit.
Our examinations were carried out in accordance with the generally accepted auditing standards in Mexico, which require that the audit be planned and carried out in such a way as to provide reasonable assurance that the financial statements do not contain material errors, and that they are prepared. in accordance with Mexican financial reporting standards. The audit consists of the examination, based on selective tests, of the evidence supporting the figures and disclosures of the financial statements; It also includes the evaluation of the financial reporting standards used, the significant estimates made by management, and the evaluation of the presentation of the financial statements taken as a whole.We believe that our reviews provide a reasonable basis to support our opinion.
In our opinion, the aforementioned financial statements reasonably present, in all material respects, the financial position of Company X as of December 31, 2011 and 2010, and the results of its operations, changes in stockholders' equity and cash flows. effective for the years ending on those dates, in accordance with Mexican financial reporting standards.
(Name of the Firm to which the auditor belongs)
(Name and signature of the auditor)
(Date of the audit report)
(City and country where the auditor is located)
Report of independent auditors
To the Board of Directors and to the Shareholders Compañía Example, SA de CV:
We have audited the accompanying financial statements of Compañía X, SA de CV that comprise the statements of financial position as of December 31, 2012 and 2011, and the statements of comprehensive income, changes in stockholders' equity and cash flows for the years ended. at those dates, as well as a summary of significant accounting policies and other explanatory information.
Management's responsibility in relation to the financial statements
The Administration is responsible for the preparation and fair presentation of the accompanying financial statements in accordance with the Mexican Financial Reporting Standards, and for the internal control that the Administration considers necessary to allow the preparation of financial statements free of material deviation, due to fraud or error.
Auditor's responsibility
Our responsibility is to express an opinion on the accompanying financial statements based on our audits. We have carried out our audits in accordance with the International Standards on Auditing. These standards require that we comply with ethical requirements, as well as plan and execute the audit in order to obtain reasonable assurance about whether the financial statements are free from material deviation.
An audit involves applying procedures to obtain audit evidence about the amounts and information disclosed in the financial statements. The selected procedures depend on the auditor's judgment, including evaluating the risks of material misstatement in the financial statements due to fraud or error. In carrying out such risk assessments, the auditor takes into account the relevant internal control for the entity's preparation and fair presentation of the financial statements, in order to design the audit procedures that are appropriate depending on the circumstances, and not for the purpose of expressing an opinion on the effectiveness of the entity's internal control.An audit also includes evaluating the adequacy of accounting policies applied and the reasonableness of accounting estimates made by management, as well as evaluating the presentation of the financial statements as a whole.
We believe that the audit evidence we have obtained in our audits provides a sufficient and adequate basis for our audit opinion.
Opinion
In our opinion, the financial statements reasonably present, in all material aspects, the financial position of company X as of December 31, 2012 and 2011, as well as its comprehensive results, changes in stockholders' equity and corresponding cash flows for the years ended December 31, 2012 and 2011, in accordance with the Mexican Financial Reporting Standards.
(Name of the Firm to which the auditor belongs)
(Name and signature of the auditor)
(Date of the audit report)
(City and country where the auditor is located)
Although in essence it is the same, the understandings regarding the responsibilities of the auditor and his client are broadened, the scope and descriptive paragraph are more detailed. There are some lines that clarify misunderstandings both among auditors and with users of the opinions:
"In making such risk assessments, the auditor takes into account the relevant internal control for the entity's preparation and reasonable presentation of the financial statements, in order to design the audit procedures that are appropriate depending on the circumstances., and not for the purpose of expressing an opinion on the effectiveness of the entity's internal control ”
The foregoing reaffirms that the study and evaluation of internal control is for the purpose of determining the nature, scope and timeliness of the audit procedures, as established in paragraph 16 of Bulletin 1010 of Mexican auditing standards in force since 1979.
Currently the Standards and Audit and Assurance Commission (CONAA) of the IMCP has issued the report forms to be used in audits of public entities, which was approved by the National Banking and Securities Commission, these formats have some small changes in relation to the international audit standard 700 “Formation of opinion and issuance of the audit report on the financial statements”.
