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What is the responsibility of current auditor if he finds out that there was a material misstatement in previous year’s financial statements (audited by other Auditor) for which modified opinion should have been given but the opinion was unmodified?
How would we find out this year about a material misstatement last year? Ok, we find a material matter this year that should have affected last year’s figures. That means that this year’s figures are materially misstated ….. and that means that we qualify our opinion this year with a full explanation
Does that do it for you?
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