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Audit report

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

  • This topic has 1 reply, 2 voices, and was last updated 6 years ago by Kim Smith.
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  • February 7, 2019 at 2:25 pm #504426
    msesay86
    Member
    • Topics: 1
    • Replies: 0
    • ☆

    What is the difference between modifying the audit report and modifying the audit opinion.

    February 7, 2019 at 3:07 pm #504430
    Kim Smith
    Keymaster
    • Topics: 135
    • Replies: 8357
    • ☆☆☆☆☆

    A good question which I hope is now clarified in the relevant Chapters (5&6) of the notes which were revised in December (so check out the latest edition if you downloaded before then). In summary:
    All auditor’s reports include:
    Title
    Opinion – modified/unmodified
    Basis of opinion
    KAMs (listed companies only)
    Management’s responsibilities
    Auditor’s responsibilities
    Date, etc
    The auditor’s report may also include, where relevant:
    EoM
    MURGC
    Other matters

    Before the reporting standards (ISA 700 etc) were revised, “modified report” was taken to mean that one of these additional paragraphs was included (“without modifying the audit opinion”) and/or that the audit opinion was modified. Basically modified just meant a “changed”, “amended”, “not ‘standard'” auditor’s report. This caused confusion (!)

    The term modified should now be used only in describing the audit opinion.

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