emphasis of matter

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An optional paragraph in an auditor’s report referred to by the Auditing Practices Committee in their standard ‘The Audit Report’ issued in April 1980. This paragraph was to be used if the auditor considered that information was adequately disclosed in the financial statements but that the reader’s attention should be drawn to important matters in these statements to ensure that they were not overlooked. The use of such a paragraph was intended to be rare. In May 1993 the Auditing Practices Board issued a new Statement of Auditing Standards, Auditors’ Reports on Financial Statements, which does not include the option of an emphasis-of-matter paragraph.

Subjects: Accounting.

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