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Audit Report

Forums › ACCA Forums › ACCA AA Audit and Assurance Forums › Audit Report

  • This topic has 5 replies, 4 voices, and was last updated 14 years ago by Ken Garrett.
Viewing 6 posts - 1 through 6 (of 6 total)
  • Author
    Posts
  • April 27, 2011 at 6:16 am #48239
    Mei_24
    Member
    • Topics: 7
    • Replies: 8
    • ☆

    What is the difference between modified and unmodified audit report ?

    April 29, 2011 at 2:47 pm #81229
    aine5
    Member
    • Topics: 4
    • Replies: 4
    • ☆

    The way I try to remeber the difference between an Modified and Unmodified Audit Report is:

    An Unmodified Report = A good report, I.e the financial ststaments give a true & fair view.

    Modified – Something is not quite right and the auditor will further explain what this is.

    April 29, 2011 at 4:48 pm #81230
    Mei_24
    Member
    • Topics: 7
    • Replies: 8
    • ☆

    @ aine5

    Noted with thanks 🙂

    April 29, 2011 at 5:30 pm #81231
    Ken Garrett
    Keymaster
    • Topics: 10
    • Replies: 10594
    • ☆☆☆☆☆

    That’s not quite right. An unmodified report is certainly ‘good’ meaning that the FS show a T&F view.

    Modified reports (any change to an unmodified report) are of two classes:

    1 Emphasis of matter: the report refers users to a matter and a note in the FS that the auditor wants to draw attention to: BUT HIS IS NOT A CRITICISM OF THE ACCOUNTS because the nature of the matter is disclosed in the notes. So, the accounts are as good as they could be.

    2 Qualification: the report criticises the FS either because they contain a material misstatement or because the auditor has been unable to collect sufficient appropriate audit evidence.

    April 30, 2011 at 6:24 pm #81233
    antonio blaze
    Member
    • Topics: 5
    • Replies: 19
    • ☆

    And a qualification is either a disclaimer or an adverse opinion,right?

    April 30, 2011 at 11:07 pm #81234
    Ken Garrett
    Keymaster
    • Topics: 10
    • Replies: 10594
    • ☆☆☆☆☆

    No.

    If there ia a material misstatement the audit report will either be an ‘except for…’ or that the accounts do not show a true and fair view (adverse).

    If there is insufficient audit evidence, the audit report will either be and ‘except for…’ or ‘we are unable to form an opinion’ (disclaimer)

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