Confirmation and Emphasis of matter: Difference between pages

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imported>Doug Williamson
(Correct typo - 'means'.)
 
imported>Doug Williamson
(Classify page.)
 
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1. ''Treasury controls.''
In certain circumstances financial statements may contain information about a matter which has been appropriately presented or disclosed, but which the auditors deem to be fundamental to the users’ understanding of the financial statements as a whole.<br />


A confirmation is a document through which a market participant notifies its counterparties or customers of the details of a trade/transaction and, typically, allows them time to affirm or question the trade/transaction.
The auditors will draw attention to this matter in their auditors' report of their opinion.<br />
This part of the auditors' opinion is known as an ‘emphasis of matter’.


The issue and matching of confirmations is one of the key controls in treasury dealing activity. 


Increasingly confirmations are being transmitted and matched by electronic means, but the same rules, relating to the separation of the dealing function from the confirmation function, still apply.
== See also ==
*[[Auditors’ report]]


 
[[Category:Accounting,_tax_and_regulation]]
2.
 
Similar notifications in other contexts.
 
 
==See also==
* [[Confirm]]
* [[Confirmation bias]]
* [[Confirmation of Payee]]
* [[Confirmed letter of credit]]
* [[Confirming bank]]
* [[Confirming house]]
* [[Conforming documents]]
* [[Controls]]
* [[Settlement]]
 
[[Category:Compliance_and_audit]]

Latest revision as of 20:06, 30 June 2022

In certain circumstances financial statements may contain information about a matter which has been appropriately presented or disclosed, but which the auditors deem to be fundamental to the users’ understanding of the financial statements as a whole.

The auditors will draw attention to this matter in their auditors' report of their opinion.
This part of the auditors' opinion is known as an ‘emphasis of matter’.


See also