general knowledge for P7

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November 24, 2018 at 4:22 am #485742
foeldh123
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Hi tutor,

If individual misstatement is not material but what if whole aggregate of misstatement is material, then what do auditors have do(auditors’ opinion in auditor’s report) ?

Do they write still issue modified opinion e.g qualified opinion, adverse opinion and etc ?
November 24, 2018 at 2:33 pm #485783
Kim Smith
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The auditor would discuss with the directors making sufficient adjustment(s) so that the uncorrected aggregate remaining is not material. If remainder still material, audit opinion would most likely be qualified except for.
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