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audit opinion

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AA Exams › audit opinion

  • This topic has 1 reply, 2 voices, and was last updated 7 years ago by Ken Garrett.
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  • October 10, 2017 at 10:43 pm #410278
    pirates
    Member
    • Topics: 34
    • Replies: 24
    • ☆☆

    respected sire,

    how is that we would know that error that had occurred is pervasive to financial statements?

    as sir you gave example of not able to quantify the inventory so unable to obtain evidence and you said that if it has adjustments if any would give qualified opinion , but sir the effect of inventory quantity has in cost of sales , current assets, so isn’t that pervasive ?

    i couldn’t clearly understand your distinction of inventory example as to relate to qualified and disclaimer of opinion? please!! explain me bit more so i understand more easily 🙂

    October 11, 2017 at 6:20 am #410287
    Ken Garrett
    Keymaster
    • Topics: 10
    • Replies: 10594
    • ☆☆☆☆☆

    Yee, but it also depends on the size of the problem. If inventory is small, though material otherwise there wouldn’t be a problem, it would not be helpful to shareholders to issue a disclaimer.

    Disclaimers amd adverse are both effectively saying that rhe FS are a waste of paper and don’t provide any useful information.

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