AA Chapter 6 Questions
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In Q6, if opinion is is qualified than the going concern should be discussed in the basis of opinion section and in the notes it says that if opinion qualified than there will not be a MURGC.
Answer should be qualified opinion without MURGC – I will have that corrected asap.
Is it correct to say in case of modified opinion (except for ) the audit report could have additional sections ( emphasis of matter , meterial uncertainty related to going concern & other matter)
However, in case of adverse or disclaimer of the opinion these additional sections effectively not needed as the financial statements as whole do not give true and fair view or the auditor unable to form any opinion (lack of appropriate audit evidence )
This has been answered here https://opentuition.com/topic/audit-report-audit-opinion/ which was the more appropriate place to ask a technical question.
Would the answer to this not be an adverse opinion as the material misstatement would effect the financial statements?
If referring to Q3 – NO – the matter is material but not pervasive.
If referring to Q6 – NO – as explained in the answer justification (use REVIEW QUIZ button) adverse must be incorrect because the statement said that the auditor has concluded that the going concern basis of accounting is appropriate.