Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AA Exams › Audit report and opinion modification
- This topic has 3 replies, 2 voices, and was last updated 4 years ago by Kim Smith.
- AuthorPosts
- December 1, 2019 at 6:47 am #554289
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?
December 1, 2019 at 8:47 am #554294Please 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.
December 1, 2019 at 9:49 am #554302Thanks, Sir.
Sorry, what is an OT note?December 1, 2019 at 9:59 am #554310OpenTuition’s Notes! https://opentuition.com/acca/aa/
- AuthorPosts
- You must be logged in to reply to this topic.