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MURGC Paragraph

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

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August 26, 2018 at 9:03 am #469498
vind1994
Member
- Topics: 5
- Replies: 19
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?
August 27, 2018 at 5:12 pm #469663
Billy
Member
- Topics: 20
- Replies: 118
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.
November 29, 2018 at 1:13 pm #486415
ravi
Participant
- Topics: 0
- Replies: 3
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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