The nature of the comparative information that is presented in an entity's financial statements depends on the requirements of the applicable…

(a) The nature of the comparative information that is presented in an entity's financial statements depends on the requirements of the applicable financial reporting framework. There are two different broad approaches to the auditor's reporting responsibilities in respect of such comparative information: corresponding figures and comparative financial statements. The approach to be adopted is often specified by law or regulation but may also be specified in terms of engagement. The essential audit reporting differences between the approaches are: (a) For corresponding figures, the auditor's opinion on the financial statements refers to the current period only; whereas (b) For comparative financial statements, the auditor's opinion refers to each period for which financial statements are presented. Definition of Comparative Information – The amounts and disclosures included in the financial statements in respect of one or more prior periods in accordance with the applicable financial reporting framework. Audit Procedures regarding comparative information The auditor shall determine whether the financial statements include the comparative information required by the applicable financial reporting framework and whether such information is appropriately classified. For this purpose, the auditor shall evaluate whether: (a) The comparative information agrees with the amounts and other disclosures presented in the prior period; and (b) The accounting policies reflected in the comparative information are consistent with those applied in the current period or, if there have been changes in accounting policies, whether those changes have been properly accounted for and adequately presented and disclosed.