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Dear Ken,
Thank you for such a simple explanation of the chapter. I have just began studying towards F8 and am already impressed by your teaching style.
I was going though the lecture notes and came across the following phrase on page no 10:
A practitioner would not express an unqualified conclusion for either type of assurance
engagement when:
There is a limitation on the scope of the practitioner’s work ie sufficient appropriate evidence
cannot be obtained; or
The assertion is not fairly stated, and the subject matter information is materially misstated (ie
the assertion is incorrect).My question is, what is an “unqualified conclusion”?
Isn’t the above phrase suppose to say that the practitioner WOULD express an unqualified conclusion…An unqualified conclusion is the auditor saying, with reasonable assurance, that all is well with the financial statements. A qualified conclusion means that the auditor has some reservations.
Hi Ken,
So this means that the ‘qualified conclusion’ not only includes the situation where the auditor is unable to provide opnion due to lack of information, but also the disclaimer opinion and adverse opinion, right?
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