Hi,
When a company is facing GC issues, we issue an adverse of a qualified opinion depending on the situation. Do we also add a MURGC paragraph in addition to that?
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AAAMURGC Paragraph
If GC threat is properly disclosed under MURGC, no modifications for Audit opinion.
If there is GC threat but not disclosed or not properly disclosed, then it is a material misstatement. Need to modify opinion, ie. Qualifed "except for" opinion. Audit report should include "Qualified Opinion" paragraph immediately followed but "Basis for Qualified Opinion" paragraph with reasons for modifications. D quantification of misstatement on FS.
MURGC section is used to highlight the fact that there is a GC threat, despite the fact that the FS notes have disclosed the threat appropriately. Hence an unmodifed opinion with MURGC section
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