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maam in Auditor’s report part d) where INADEQUATE disclosures related to renewal of overdraft facility is concerned, shouldn’t the auditor’s opinion be Adverse?
the disclosure would be fundamental to users understanding of the financial statements, and if it is inadequate then it is pervasive(and material misstatement) .
So I don’t understand why the examiner says that Qualified opinion will be issued ?
And s.5 of Chapter 6 in the notes.
We are simply saying “except for the lack of information ..” and the basis of qualified opinion will refer to the renewal of the overdraft.
The financial statements AS A WHOLE are not affected unless the company is absolutely not a going concern.