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Unmodified opinion

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AA Exams › Unmodified opinion

  • This topic has 3 replies, 2 voices, and was last updated 8 years ago by Ken Garrett.
Viewing 4 posts - 1 through 4 (of 4 total)
  • Author
    Posts
  • October 8, 2016 at 3:24 pm #342725
    Candy
    Member
    • Topics: 135
    • Replies: 79
    • ☆☆☆

    Hi,

    Q1)

    I thought that unmodified was only for the most basic reports with no additions or ifs, buts etc.

    In practice questions:

    $5000 depreciation error, Directors refuse to alter.
    NCA – $1m and Profit -$150,000.

    Please explain why this is unmodified?

    Do auditors not have a duty to users to make them aware of this error by including it as a qualified opinion due to material misstatement?

    “Except for the matter above, the FS give a true and fair view..”?

    Q2)

    In practice questions

    Emphasis of matter paragraph means audit opinion has been modified – correct answer is false.

    If correct answer is false, that would suggest Emphasis of matter is unmodified, whereas in the notes, it comes under the modified paragraph.

    Can you please clarify this for me.

    Many thanks

    October 8, 2016 at 7:54 pm #342752
    Ken Garrett
    Keymaster
    • Topics: 10
    • Replies: 10595
    • ☆☆☆☆☆

    Opinions would be modified only for material errors. 5000 when profits are 150000 in not material.

    EOM is not a modified opinion. The report is modified/changed but the opinion is unmodified.

    Have another look at the notes.

    October 9, 2016 at 4:54 pm #342807
    Candy
    Member
    • Topics: 135
    • Replies: 79
    • ☆☆☆

    Thank you for this.

    I think I need to be careful to distinguish between reports and opinions.

    Many thanks

    October 9, 2016 at 6:32 pm #342817
    Ken Garrett
    Keymaster
    • Topics: 10
    • Replies: 10595
    • ☆☆☆☆☆

    No problem.

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