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Auditors opinion – disclaimer of opinion

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AAA Exams › Auditors opinion – disclaimer of opinion

  • This topic has 1 reply, 2 voices, and was last updated 1 year ago by Kim Smith.
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  • May 30, 2021 at 5:51 pm #622341
    manishatai
    • Topics: 35
    • Replies: 21
    • ☆☆

    Hello
    Just a quick question, if the client cannot provide sufficient evidence over ONE balance in the FNST and if that balance is material – is that material and pervasive and therefore a modified opinion should be given?

    Or , because its a lack of evidence of ONE balance – this is still an unmodified opinion with an except for paragraph.

    The notes I have (not OT) are slightly contradicting, so would be good to get clarity 🙂

    May 30, 2021 at 7:32 pm #622343
    Kim Smith
    Keymaster
    • Topics: 88
    • Replies: 6097
    • ☆☆☆☆☆

    If there is material misstatement in one balance or insufficient evidence concerning one balance (so it is not possible to form an opinion whether there is material misstatement) the audit opinion must be modified – qualified “except for”.

    A matter that is confined to one balance cannot be pervasive – i.e affect the financial statement as a whole – so this could never be a disclaimer. I suggest you refer to our brief but clear notes – they are written by the former AAA examiner – me.

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