Please explain the different forms of audit report
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Audit Reports
13y ago#1Oh! Come on! The exam is next week and you ( a P7 student ) are asking me an F8 question within a matter of days before the exam? Revise your F8 knowledge from the F8 recordings on this site.
I'm astonished you have asked!
OK, here goes:
Clean, semi clean or dirty
Clean, unmodified, unqualified
Semi clean, modified, unqualified
Dirty, modified, qualified
Dirty can be "unable to obtain sufficient appropriate audit evidence"
or "we disagree"
It can be dirty or very dirty.
Dirty "unable to obtain ...." is an "Except the scope of our work ..." and an "Except for the matter referred to above ...."
Very dirty "unable to obtain ...." is a disclaimer ie "Because of the pervasive effect of ..." and then "we are unable to express ..."
Dirty disagreement is "Except for the matter referred to above ..."
Very dirty is "Because of the pervasive effect of ..." and then "in our opinion the financial statements do not show..."
I'm astonished you have asked!
OK, here goes:
Clean, semi clean or dirty
Clean, unmodified, unqualified
Semi clean, modified, unqualified
Dirty, modified, qualified
Dirty can be "unable to obtain sufficient appropriate audit evidence"
or "we disagree"
It can be dirty or very dirty.
Dirty "unable to obtain ...." is an "Except the scope of our work ..." and an "Except for the matter referred to above ...."
Very dirty "unable to obtain ...." is a disclaimer ie "Because of the pervasive effect of ..." and then "we are unable to express ..."
Dirty disagreement is "Except for the matter referred to above ..."
Very dirty is "Because of the pervasive effect of ..." and then "in our opinion the financial statements do not show..."
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