order of basic for qaul. opinion secton and qual opinion

From the technical article printed in Student Accountant, here the opening few paragraphs of the new format audit report

“Example – unmodified audit opinion but material uncertainty exists in relation to going concern and the disclosures are adequate

Report on the Audit of the Financial Statements (extract)

Opinion
In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Company as at 31 December 2015, and its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting Standards (IFRSs).

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in Farland, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Material uncertainty related to going concern
We draw attention to Note 6 in the financial statements, which indicates that the Company incurred a net loss of $125,000 during the year ended 31 December 2015 and, as of that date, the Company’s current liabilities exceeded its total assets by $106,000. As stated in Note 6, these events or conditions, along with other matters as set forth in Note 6, indicate that a material uncertainty exists that may cast significant doubt on the Company’s ability to continue as a going concern. Our opinion is not modified in respect of this matter.

Key audit matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. In addition to the matter described in the Material Uncertainty Related to Going Concern section, we have determined the matters described below to be the key audit matters to be communicated in our report.”

You’ll find the article if you follow this link:

https://www.accaglobal.com/ie/en/student/exam-support-resources/fundamentals-exams-study-resources/f8/technical-articles/auditor-report.html

The article was written by a member of the F8 examining team … and that team includes the examiner

And if you scroll to the end of this page dedicated specifically to ISA 705 you’ll find illustrations of the new format covering qualifications, disclaimers, adverse ….

OK?