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Hi,
When a company is facing GC issues, we issue an adverse of a qualified opinion depending on the situation. Do we also add a MURGC paragraph in addition to that?
If GC threat is properly disclosed under MURGC, no modifications for Audit opinion.
If there is GC threat but not disclosed or not properly disclosed, then it is a material misstatement. Need to modify opinion, ie. Qualifed “except for” opinion. Audit report should include “Qualified Opinion” paragraph immediately followed but “Basis for Qualified Opinion” paragraph with reasons for modifications. D quantification of misstatement on FS.
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