Explain how SA 700 (Revised) seeks to achieve a balance between global uniformity in auditor reporting and the need to provide more useful…

SA 700 (Revised)- "Forming an Opinion and Reporting on Financial Statements" , deals with the auditor's responsibility to form an opinion on the financial statements. It also deals with the form and content of the auditor's report issued as a result of an audit of financial statements. The requirements of this SA are aimed at addressing an appropriate balance between the need for consistency and comparability in auditor reporting globally and the need to increase the value of auditor reporting by making the information provided in the auditor's report more relevant to users. This SA promotes consistency in the auditor's report, but recognizes the need for flexibility to accommodate particular circumstances of individual jurisdictions. Consistency in the auditor's report, when the audit has been conducted in accordance with SAs, promotes credibility in the global marketplace by making more readily identifiable those audits that have been conducted in accordance with globally recognized standards. It also helps to promote the user's understanding and to identify unusual circumstances when they occur. Objective of the Auditor: The objectives of the auditor as per SA 700 (Revised) are: 1. To form an opinion on the financial statements based on an evaluation of the conclusions drawn from the audit evidence obtained; and 2. To express clearly that opinion through a written report that also describes the basis for that opinion.