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Hi sir,
If adequately disclosure, does the audit report and audit opinion will need to be modified (if it has / without an EOM paragraph)If inadequate disclosure, only audit opinion will need to be modified or even the audit report will also need to be modified?
Please read OT notes – they are brief but accurate. Only an audit opinion is modified/unmodified – there is no such thing as a modified report.
Any error (including omission) in disclosure in the notes to the financial statements is CLEARLY a misstatement of the financial statements – so if material, opinion must be qualified “except for”.An EoM MUST refer to adequate disclosure and cannot be used otherwise.
OpenTuition’s Notes! https://opentuition.com/acca/aa/
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