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May i ask a question pertaining to audit reporting
what if there are 3 issues in the company ( unlisted )
first issue is where there is a material misstatment and lets assume it leads to qualified opinion
Second issue is where a situation leads to EOMP where a client has disclosed the matter and that material in material
Third issue is where there is a material uncertainty related to going concern (MURGC) therefore the client has disclosed.
Then when we question is to consider implication on the audit report and audit opinion, we say qualified opinion will be expressed at the same time EOMP and MURGC para will be included ?
How do we deal with such situation if the question is to consider the implication on the audit report and audit opinon ?
EOM and MURGC are both separate from the audit opinion – neither affect the audit opinion. So yes it is possible to have both in an auditor’s report that has a modified opinion. Both the EOM and MURGC sections will end with the sentence “Our opinion is not modified in respect of THIS matter.” (My emphasis)