Audit Reports for Financial Statement Audits
10 important questions on Audit Reports for Financial Statement Audits
Unqualified (or unmodified) opinion
What are the objectives of the auditor, according to the IAASB?
2. To express clearly that opinion through a written report
Which conditions must be present, when issuing an unqualified/unmodified report?
- Disclosures was adequate
- The auditor was able to perform all necessary procedures
- There was no change in accounting principles that had a material effect on the FS
- The auditor does not have significant doubt about the client remaining a going concern
- The auditor is independent
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In which situations would the auditor issue an unqualified audit opinion with report modifications?
- The auditor opts to include information about audit participant in the audit report
- The auditor decides to refer to other auditors as the basis, in part, for the auditor's own report
- There is a lack of consistency in the FS
- There is a justified departure from GAAP
- Substantial doubt about the client being a going concern exists
- The client had a material misstatement in the previously issued FS that it has corrected
Inconsistent application of GAAP
Substantial doubt about the client being a going concern
Client correction of material misstatement in previously issued financial statements
When is a disclaimer of opinion appropriate?
- Substantial doubt about the client being a going concern
- Lack of auditor independence
Critical Audit Matters (CAMs)
- Relates to accounts or disclosure material in regard to the FS
- Involves especially challenging, subjective, or complex auditor judgment
When does the auditor issue an unqualified opinion on internal control over financial reporting (ICFR)?
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