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Audit Opinions

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AA Exams › Audit Opinions

  • This topic has 5 replies, 2 voices, and was last updated 5 years ago by Kim Smith.
Viewing 6 posts - 1 through 6 (of 6 total)
  • Author
    Posts
  • May 14, 2020 at 3:28 pm #570834
    akhila.vijay93
    Participant
    • Topics: 41
    • Replies: 43
    • ☆☆

    Sir, can an Auditor issue a modified audit report with an unqualified opinion if the uncertainties are disclosed in the emphasis matter paragraph?

    May 14, 2020 at 3:54 pm #570843
    Kim Smith
    Keymaster
    • Topics: 134
    • Replies: 8304
    • ☆☆☆☆☆

    There is no such thing as a modified/unmodified report – only a modified/unmodified opinion. See beginning of our notes – Chapter 6 – an EoM is an example of an “additional section” in an auditor’s report – it does not modify affect the audit opinion.

    So an auditor’s report can have:
    – an EoM and an unmodified opinion
    – an EoM and a modified opinion on some matter not related to the EoM. For example, EoM draws attention a non-adjusting event after the reporting date (say a fire) and the opinion is modified due to misstatement of trade receivables.

    May 15, 2020 at 3:39 am #570918
    akhila.vijay93
    Participant
    • Topics: 41
    • Replies: 43
    • ☆☆

    Thank you, Sir
    So, in that case, qualified, disclaimer, and adverse are the different types of modified opinions?

    May 15, 2020 at 6:38 am #570923
    Kim Smith
    Keymaster
    • Topics: 134
    • Replies: 8304
    • ☆☆☆☆☆

    Yes – if you download the notes https://opentuition.com/acca/aa/ you will find you the contents are linked to the chapters – and the pdf is searchable so easy to navigate. The modified opinion are summarised at the top of page 41 – followed by an example of each.

    May 15, 2020 at 12:54 pm #570938
    akhila.vijay93
    Participant
    • Topics: 41
    • Replies: 43
    • ☆☆

    Appreciate all the help Sir, thank you 🙂

    May 15, 2020 at 4:55 pm #570952
    Kim Smith
    Keymaster
    • Topics: 134
    • Replies: 8304
    • ☆☆☆☆☆

    You are very welcome!

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