Subject matter information
The subject matter of a financial audit is the financial position, performance, cash flow or other elements which are recognised, measured and presented in financial statements. The subject matter information is the financial statements audit, be the numerical information which is the outcome of the financial performance. It is equally possible that management is interested in the organisation’s financial reporting process and asks the practitioner to evaluate its report on internal control process [ICAEW].
The subject matter information may, as in a financial statements audit, be the numerical information which is the outcome of the financial performance.Subject matter information refers to the outcome of the evaluation or measurement of a subject matter [INTOSAI, р.57].
INTOSAI. (2019). Fundamental Principles of Financial Auditing. Austria: The International Standards of Supreme Audit Institutions.
Subject matter. ICAEW. Retrieved from: https://www.icaew.com/technical/audit-and-assurance/assurance/process/scoping/what-is-feasible/subject-matter