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Chapter 1- Assurance

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AA Exams › Chapter 1- Assurance

  • This topic has 3 replies, 2 voices, and was last updated 8 years ago by aamir2111.
Viewing 4 posts - 1 through 4 (of 4 total)
  • Author
    Posts
  • September 14, 2016 at 1:56 pm #340507
    aamir2111
    Participant
    • Topics: 123
    • Replies: 85
    • ☆☆☆

    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…

    September 14, 2016 at 8:40 pm #340540
    Ken Garrett
    Keymaster
    • Topics: 10
    • Replies: 10594
    • ☆☆☆☆☆

    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.

    September 20, 2016 at 10:54 am #341007
    aamir2111
    Participant
    • Topics: 123
    • Replies: 85
    • ☆☆☆

    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?

    September 20, 2016 at 7:45 pm #341063
    aamir2111
    Participant
    • Topics: 123
    • Replies: 85
    • ☆☆☆

    I went through chapter 6, Types of Audit report, so it is now clear to me. So no worries, you don’t have to reply to my question as I have now understood the concept 🙂

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