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Hi.
If there is matrial misstatement in integrated report and management refuse to amemd it then auditor will use Other Information paragraph in audit report. As per my understanding this will go immediately after basis for opinion paragraph.
If we are also using material uncertainty related to going concern and EoM para then what would be the correct sequence for these three paragraphs. Is below sequence correct.
Opinion
Basis for opinion
Other information ( material misstatemen)
MURGC
EoM
KAMsThanks for your help.
The sequencing of paragraphs where there are multiple issues does seem to cause a problem … not only in the minds of students (and tutors) but also in the minds of the standard setters themselves!
If you follow this link …
… on page 14 you’ll find an example of an audit report with an Emphasis of Matter paragraph, KAM paragraph and Other Matters paragraph
Material Uncertainty re Going Concern follows the Basis of Opinion but precedes the KAM whereas an Emphasis of Matter paragraph (and Other Matter paragraph) may appear before OR after KAM dependent upon the auditors’ judgement as to its relative significance of such information to intended users compared with other elements required to be reported
Did you get all that?
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