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Hi Sir Mike!
With regards to an Interim Financial Statement, when a qualified/adverse conclusion will be given, will the Basis for Qualified Conclusion be presented before or after the qualified conclusion?
Also, will this result to the entire audit report becoming qualified/adverse as well?
Thanks!
KyleJust to double check. Because although the answers are amended to reflect the changes, there may be a typo.
And it’s confusing how on this answer it says Basis for Qualified Conclusion presented immediately before the qualified conclusion.
And we know that in an audit report Basis for Qualified Opinion is placed immediately after the Qualified Opinion.
Maybe because it’s an Interim FS? Is it a typo or is it correct? Hmm…
The wording is different as well..
Thanks!
It seems to me that it would be an extremely rare occurrence to find an audit report and opinion on interim financial statements
By their nature, interim statements are most frequently condensed, incomplete financial statements and are unlikely therefore to give a true and fair view
So we’re faced with an assurance engagement resulting in negative assurance at best
If we are not able to say that “we have not come across anything to suggest ….” then we face a qualification in that assurance report and the basis for the qualification would follow the (non)assurance report
OK?
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