Audit Report Types Lecture

Your 3rd para is wrong and contradicts your second para. EoM and going concern paragraphs modify the report but not the opinion.

It depends why the opinion is modified. If the going concern problem is not mentioned in the FS, the FS do not show a T&F view so the opinion must be modified. If the going concern problem is mentioned in the FS the FS do show a T&F view so the opinion is not modified. However, to draw user's attention to the going concern problem there will be a going concern para in the audit report (not modifying the opinion).

There are three sorts of modified opinion: Qualified: ie except for xxxxxxx teh FS show a true and fair view Adverse: the FS do not show a T&F view Disclaimer: we are unable to form an opinion on the FS. In practice, in common speech, many people use 'qualified' to cover all types of modification, but you shouldn't do that in the exam.