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Hey Gromit. I’ve just checked my answers against your and apart from on silly mistake in question 4 I got the same as you. Ae you really happy yours are right?
That’s goin to make it hard to fail :-)))))
Actually, as previously discussed, I am not at all confident about my answer to Q12. Instead of B, I think it might be D.
The second statement in the question says;
“Where the use of the going concern assumption is inappropriate, the auditor should include a qualified opinion in the audit report”
First doubt: an adverse opinion not a qualified opinion might be more appropriate.
Second doubt: the question does not state on what basis the FS were drawn up. If they had been produced on a break-up basis and because the going concern assumption was inappropriate, then there would be no qualification or adverse opinion needed.
I don’t know what ACCA means by “Where the use of the going concern assumption is inappropriate….”. Is it a sloppy and incorrect way of saying the company is not a going concern but the FS have been drawn up on that basis?
Do you see what I’m getting at?
Very disappointed with how a lot of these answers have multiple possibilities instead of being clear cut with one answer that is wholly correct. The same case with F9 – very upsetting when you study so hard and do not get your knowledge and application skills fairly tested. 🙁
gromit. i appreciate your analysis on this.
is it possible we can submit a feedback to ACCA regarding this ambiguity since 2 marks can make a lot of difference between pass and fail?
Thanks for the reply Gromit
Can you please explain to me why an adverse opinion is not a qualified opinion. I’ve no doubt you’ve done this countless time in the past but I can’t quickly see a reverent thread.
I thought any opinion other than clean was qualified!
I can see your point about q12. Thankfully I didnt see the problem during the exam 🙂
Opinions can be modified in three ways:
Qualified = except…for
Adverse
DisclaimerQualified is not a synonym for ‘modified’ nor an antonym for ‘clean’.
See ISA 705 para 2.
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