Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AA Exams › MANAGEMENT/TCWG ON AUDIT OPINION
- This topic has 3 replies, 2 voices, and was last updated 2 years ago by Kim Smith.
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- October 10, 2021 at 3:01 pm #637399
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 #637408Welcome 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 #637411Great. thanks for reply and for wonderful link to further explanation.
October 10, 2021 at 6:32 pm #637412I 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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