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What does ISA 700 (and 701) cover in reporting? How do ISAs relate to national auditing standards like US GAAS or PCAOB standards? What is the role of ISQM 1 (formerly ISQC 1) in audit quality? How do the ISAs require documentation of the audit (ISA 230)?
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What is the auditor's responsibility under ISA 720 for other information?

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Answer

ISA 720 addresses the auditor's responsibilities relating to other information (e.g., the annual report's narrative sections) accompanying the audited statements. The auditor reads it to identify material inconsistencies with the financial statements or their knowledge, and material misstatements of fact, and reports on this responsibility in the auditor's report.
Real-world example The auditor spots that the chairman's statement contradicts the audited profit figure and requires it to be corrected under ISA 720.

Common follow-ups: What does the auditor do if other information is inconsistent? | Is the auditor giving an opinion on other information?

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All 19 ISA Standards questions