Which aspect is essential to understanding a financial statement according to auditors?

Understanding financial statements requires a grasp of the contextual information provided in the auditor's report. This report gives insights into the assumptions, estimates, and principles upon which the financial statements are based, alongside the auditor's opinions on the overall fairness of the financial presentation. It helps stakeholders comprehend the circumstances under which the financial data was prepared and outlines any significant risks or areas of concern that may alter the interpretation of the numbers presented.

While a summary of expenses or disclosure of benefits can add detail to the financial picture, they do not provide the essential context regarding the accuracy, reliability, and completeness of the statements as evaluated by the auditors. Likewise, comparison with previous fiscal years can be informative in tracking performance or trends but does not inherently convey the broader context necessary for a thorough understanding of the current financial position as framed by the analytical commentaries of the auditors. Therefore, the contextual insights from the auditor’s report are crucial for interpreting the financial statements accurately.