Audit report

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.