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good afternoon. starting my final revision of f8 .. here goes:
an MCQ asks to identify a statement which is not true.
the correct answer is:
If the FS are found to contain material misstatements a negative opinion will be given.
can u please explain y this is so?
thanks
Two reasons:
1 Strictly, there is no such thing as a ‘negative opinion’. The proper term would be ‘adverse opinion’.
2 If there was a material misstatement then the audit opinion would either be qualified ie ‘Except for…’ or adverse ‘The FS do not show a t&F view’.
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