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February 22, 2021 at 5:07 am
Kindly explain q4 , doesn’t an unmodified audit opinion imply that no frauds occurred during the financial period in which the statements were audited?
Kim Smith says
February 22, 2021 at 7:58 am
NO – see page 30 of the notes:
3.10 Auditor’s responsibilities
The auditors’ responsibilities are to obtain REASONABLE ASSURANCE about whether the financial
statements as a whole are free from MATERIAL misstatement, whether due to fraud or error, and to issue
an auditor’s report that includes their opinion.
Reasonable assurance is not a guarantee and the financial statements can – and will – include immaterial misstatements (whether due to error or fraud) when the audit opinion is unmodified. You should find this reinforced in your later studies.
July 29, 2020 at 1:23 pm
The lectures were all very interesting.Excellent delivery of difficult subject matter… got 100% . thanks for all ur lectures , notes SIR.
July 29, 2020 at 3:34 pm
Well done! Keep it up!
February 22, 2020 at 4:21 pm
Got 100% yippee 🙂
October 20, 2019 at 9:15 am
last is correct anser
October 9, 2019 at 4:17 pm
i think the last question correct answer is a, because basis opinion is placed before opinion
November 9, 2019 at 7:53 am
Basis of Opinion is AFTER the Opinion
November 27, 2019 at 8:52 am
Brother the correct answer is (D) since the paragraph Basis for QUALIFIED opinion will come only when the opinion it self is qualified. Because the Basis of opinion will be changed according to what auditor has decided weather it is modified, unmodified, adverse or a disclaimer so if the auditor opinion is Qualified then the basis of opinion will be changed into basis for qualified opinion. Kindly note that examiner will confuse you in the exam with this kind of questions. Hope you got it.
January 20, 2020 at 5:40 pm
NO to suggestion that answer is (a) – see section 3 of chapter 5 of the notes – Opinion (any) is always first – followed by Basis for that opinion.
July 21, 2019 at 4:13 am
Q6. In the answer does the “statement” represent a single para or a whole different statement?
January 20, 2020 at 5:36 pm
It means a statement of fact – in a sentence/paragraph – not to be confused with a “financial statement” (for example).
May 24, 2019 at 5:21 pm
Last Questions answer wrongly formatted into the system
Last two both answers are correct answer
January 20, 2020 at 5:46 pm
Formatting looks fine to me so I don’t know what you mean.
If you are referring to Q8 the 2nd to last answer is NOT correct – again see the notes – an EoM will always be after the basis of opinion – to help make clear (though it is also stated) that the EoM does not modify the opinion.
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