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Qualified opinion and going concern

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AAA Exams › Qualified opinion and going concern

  • This topic has 3 replies, 2 voices, and was last updated 6 years ago by Kim Smith.
Viewing 4 posts - 1 through 4 (of 4 total)
  • Author
    Posts
  • November 11, 2018 at 10:58 pm #484539
    ecko007
    Member
    • Topics: 2
    • Replies: 2
    • ☆

    Would appreciate some help!

    If the audit opinion is modified to qualify the audit due to inadequate going concern disclosure in respects to a material uncertainty, will there also be a note for material uncertainty for going concern under the “emphasis of matter” paragraph and under a separate heading for “material uncertainty of going concern”? This is for UK variant paper.

    Thanks for your help!

    November 12, 2018 at 9:34 am #484573
    Kim Smith
    Keymaster
    • Topics: 133
    • Replies: 8300
    • ☆☆☆☆☆

    See page 122 of the notes – any “matter” has only one correct place in an auditor’s report.

    The “Material Uncertainty Related to Going Concern” section of the report IS, effectively, an EoM relating to going concern – i.e. it draws attention to this specific matter that IS ADEQUATELY DISCLOSED.

    As for an EoM, an MURGC is NOT included if the matter is not adequately disclosed – as there will be no note in the financial statements to draw attention to the matter.

    November 12, 2018 at 9:43 pm #484642
    ecko007
    Member
    • Topics: 2
    • Replies: 2
    • ☆

    Understood, thank you for the clear and concise explanation, much appreciated!

    November 13, 2018 at 6:41 am #484657
    Kim Smith
    Keymaster
    • Topics: 133
    • Replies: 8300
    • ☆☆☆☆☆

    You are most welcome!

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Viewing 4 posts - 1 through 4 (of 4 total)
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