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Dear Mike,
Could you please explain the difference between Basis of Opinion and Emphasis of Matter?
With just a few days remaining for the exam, I know I should be knowing this by now. I had already decided not to try the 5th question but now I feel I should give it a chance. I just need to sort out the difference between each element in the audit report.
“Basis of opinion’ is literally that – an explanation (brief explanation) of how the auditor has reached the opinion that has just been expressed
‘Emphasis of matter’ is used where there is something that the auditor feels should be specifically brought to the attention of the shareholder, but it’s not the subject of a KAM
Is that any better?
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