What should auditor do in case material mistake found in previous year?

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October 26, 2011 at 9:16 am #50226
elen75
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1. In case the directors agree to do Prior period adjustments and restate the figures for current year-does the firm issue unqualified with emphasis of matter of without emphasis of matter
2. In case directors agree to restate their figures for current year, but do not do PPA /not correct previous/- probably unqualified with emphasis of matter-for previous year?
3. In case no amendment- is except for or adverse?
Thanks
October 27, 2011 at 5:48 pm #89089
MikeLittle
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1 unqualified with emphasis
2 qualified with explanation about breach of IAS and quantification
3 qualified, certainly, and probably adverse – the error affects both last year’s figures and this year’s as well
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