Category Archive for: ModificationTo TheOpinion Th Independence Auditers Report

QUESTIONS AND ANSWERS

What type of circumstances give rise to uncertainty. How auditor should attempt to deal with situation in his report to members? Following circumstances may give rise to uncertainty Litigation and claims Suspicion of fraud Non compliance with laws and regulations Going concern problem Scope limitation The auditor would deal with the above uncertainties as follows: Litigation…

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MODIFIED REPORTS

In the ‘following example, full report is not reproduced. Only significant modifications in opinion paragraph are set out Example -1 Limitation of scope Inability to verify opening balances Qualified opinion We were not appointed as auditors of the company until September 15, 20×6. Accordingly we have not audited financial statements for year ended December 31, 20×5. There were no…

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MODIFICATIONS TO THE OPINION IN THE INDEPENDENT AUDITOR’S REPORT

CIRCUMSTANCES WHERE AN OPINION OTHER THAN UNQUALIFIED IS REQUIRED There are two major categories of circumstances which necessitate a qualified report: a) Inability to obtain audit evidence. A disclaimer is required when the possible effect of scope  imitation is so material and pervasive that the auditor is unable to express an opinion. However, if multiple accounts are not affected…

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