Questions have been raised as to whether the annual report prepared by a statutory board as required by the relevant statutory board act is considered “other information” (OI) within the scope of SSA 720 (Revised), The Auditor’s Responsibilities Relating to Other Information.
The annual report and the audited financial statements of a statutory board are generally presented together to Parliament at the same time, whether as one single document or as separate documents. The annual report can therefore be seen as accompanying the financial statements and the auditor’s report thereon, the purpose of which is to provide the intended stakeholders with information on the statutory board’s operations, financial results and financial position as set out in the financial statements. Although a minority of statutory boards may present the documents separately at different times, the objective of the documents remains the same.
Accordingly, the annual report of a statutory board is considered OI within the scope of SSA 720 (Revised). Auditor’s responsibilities relating to OI under SSA 720 (Revised) will therefore apply regardless of whether the annual report is obtained by the auditor prior to, or after, the date of the auditor’s report.