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MANAGEMENT/TCWG ON AUDIT OPINION

This topic has 3 replies, 2 voices, and was last updated 4 years ago by Kim Smith.

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October 10, 2021 at 3:01 pm #637399
ABDULLAHI312
Participant
- Topics: 106
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Hi sir,
hope you doing good.
suppose the auditor found material misstatements that is pervasive and asked the management to correct or explain. thankfully the management corrected the error. question,will the auditor issue qualified except for.. sort of opinion as he will do when the management reject to correct the error.
secondly, can we say the report is modified in this case or it is unmodified as the errors are corrected.
thanks,kim.
October 10, 2021 at 5:19 pm #637408
Kim Smith
Keymaster
- Topics: 137
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Welcome to my forum!
If the auditor finds misstatement(s) – the first “port of call” is always to have management address the issue – so if errors are corrected, the misstatement is eliminated – and the audit opinion must therefore be unmodified.
Here is a related post https://opentuition.com/topic/general-idea-about-audit-misstatements-and-modified-opinion
October 10, 2021 at 6:14 pm #637411
ABDULLAHI312
Participant
- Topics: 106
- Replies: 97
Great. thanks for reply and for wonderful link to further explanation.
October 10, 2021 at 6:32 pm #637412
Kim Smith
Keymaster
- Topics: 137
- Replies: 8386
I aim to reply to posts every day except on the rare occasions that I cannot access the internet. I do hope you will be a regular visitor!
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