Disclaimer of Opinion

AAA – Nov 2013 – L3 – AII – Q15 – Audit Reporting

Determine the audit opinion expressed when there is an extreme scope limitation and insufficient audit evidence.

Question

Opinion expressed when the possible effect of a limitation on scope is an extreme case and the auditor has not been able to obtain sufficient appropriate audit evidence and accordingly is unable to express an opinion on the financial report is………………..opinion.

Answer

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Tags: Audit evidence, Disclaimer of Opinion, Scope Limitation
Level: Level 3

Topic: Audit Reporting
Series: NOV 2013

AA – Nov 2023 – L2 – Q5c – Completion Procedures and Reporting

This question requires brief notes on the terms: Qualified opinion, Disclaimer of opinion, Emphasis of Matter paragraph, and Other Matter paragraph.

Question

ISA 705: Modifications to the opinion in the independent auditor’s report and ISA 706: Emphasis of Matter paragraphs and Other Matter paragraphs in the independent auditor’s report provide modifying phrases for use when issuing modified reports.

Required:
Write brief notes on the following terms:

i) Qualified opinion
ii) Disclaimer of opinion
iii) Emphasis of Matter paragraph
iv) Other Matter paragraph
(10 marks)

Answer

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Tags: Disclaimer of Opinion, Emphasis of Matter, ISA 705, ISA 706, Other Matter Paragraph, Qualified Opinion
Level: Level 2

Topic: Completion Procedures and Reporting
Series: NOV 2023

AA – Nov 2016 – L2 – Q5c – Completion Procedures and Reporting

List and describe the three types of modified opinions that an auditor may issue.

Question

Distinguish the three types of modified opinions that the auditor may issue on financial statements audited by him.

Answer

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Tags: Adverse Opinion, Disclaimer of Opinion, Modified Opinions, Qualified Opinion
Level: Level 2

Topic: Completion Procedures and Reporting
Series: NOV 2016

AA – April 2022 – L2 – Q5b – Completion Procedures and Reporting

Comments on the appropriateness of issuing an adverse opinion and suggests an alternative opinion under ISA 705 for a company facing a data loss due to hacking.

Question

b) The Auditor of Pegasus Technologies, a fintech company, issued an adverse opinion on the financial statements for the year ended 31 December 2020. This was due to the fact that management could not make available the sales ledger, cash book, and other ledgers to the auditors due to a massive hack suffered by the company. Hackers used SIM cards to gain access to the company’s mobile money platform, stole funds, and destroyed company records. The hackers have been caught, and the IT unit has fixed the loophole that led to the hacking.

Required:
Comment on the Auditor’s issue of an adverse opinion and suggest whether another opinion would be more appropriate under ISA 705 (revised): Modifications to the Opinion in the Independent Auditor’s Report. (10 marks)

Answer

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Tags: Adverse Opinion, Audit Reporting, Disclaimer of Opinion, ISA 705, Scope Limitation
Level: Level 2

Topic: Completion Procedures and Reporting
Series: APR 2022

AAA – Nov 2013 – L3 – AII – Q15 – Audit Reporting

Determine the audit opinion expressed when there is an extreme scope limitation and insufficient audit evidence.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit evidence, Disclaimer of Opinion, Scope Limitation
Level: Level 3

Topic: Audit Reporting
Series: NOV 2013

AA – Nov 2023 – L2 – Q5c – Completion Procedures and Reporting

This question requires brief notes on the terms: Qualified opinion, Disclaimer of opinion, Emphasis of Matter paragraph, and Other Matter paragraph.

Question

Required:
Write brief notes on the following terms:

i) Qualified opinion
ii) Disclaimer of opinion
iii) Emphasis of Matter paragraph
iv) Other Matter paragraph
(10 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Disclaimer of Opinion, Emphasis of Matter, ISA 705, ISA 706, Other Matter Paragraph, Qualified Opinion
Level: Level 2

Topic: Completion Procedures and Reporting
Series: NOV 2023

AA – Nov 2016 – L2 – Q5c – Completion Procedures and Reporting

List and describe the three types of modified opinions that an auditor may issue.

Question

Distinguish the three types of modified opinions that the auditor may issue on financial statements audited by him.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Adverse Opinion, Disclaimer of Opinion, Modified Opinions, Qualified Opinion
Level: Level 2

Topic: Completion Procedures and Reporting
Series: NOV 2016

AA – April 2022 – L2 – Q5b – Completion Procedures and Reporting

Comments on the appropriateness of issuing an adverse opinion and suggests an alternative opinion under ISA 705 for a company facing a data loss due to hacking.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Adverse Opinion, Audit Reporting, Disclaimer of Opinion, ISA 705, Scope Limitation
Level: Level 2

Topic: Completion Procedures and Reporting
Series: APR 2022

Question Tag: Disclaimer of Opinion

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AAA – Nov 2013 – L3 – AII – Q15 – Audit Reporting

Determine the audit opinion expressed when there is an extreme scope limitation and insufficient audit evidence.

AA – Nov 2023 – L2 – Q5c – Completion Procedures and Reporting

This question requires brief notes on the terms: Qualified opinion, Disclaimer of opinion, Emphasis of Matter paragraph, and Other Matter paragraph.

AA – Nov 2016 – L2 – Q5c – Completion Procedures and Reporting

List and describe the three types of modified opinions that an auditor may issue.

AA – April 2022 – L2 – Q5b – Completion Procedures and Reporting

Comments on the appropriateness of issuing an adverse opinion and suggests an alternative opinion under ISA 705 for a company facing a data loss due to hacking.

AAA – Nov 2013 – L3 – AII – Q15 – Audit Reporting

Determine the audit opinion expressed when there is an extreme scope limitation and insufficient audit evidence.

AA – Nov 2023 – L2 – Q5c – Completion Procedures and Reporting

This question requires brief notes on the terms: Qualified opinion, Disclaimer of opinion, Emphasis of Matter paragraph, and Other Matter paragraph.

AA – Nov 2016 – L2 – Q5c – Completion Procedures and Reporting

List and describe the three types of modified opinions that an auditor may issue.

AA – April 2022 – L2 – Q5b – Completion Procedures and Reporting

Comments on the appropriateness of issuing an adverse opinion and suggests an alternative opinion under ISA 705 for a company facing a data loss due to hacking.

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Question Tag: Disclaimer of Opinion

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AAA – Nov 2013 – L3 – AII – Q15 – Audit Reporting

Determine the audit opinion expressed when there is an extreme scope limitation and insufficient audit evidence.

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AA – Nov 2023 – L2 – Q5c – Completion Procedures and Reporting

This question requires brief notes on the terms: Qualified opinion, Disclaimer of opinion, Emphasis of Matter paragraph, and Other Matter paragraph.

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AA – Nov 2016 – L2 – Q5c – Completion Procedures and Reporting

List and describe the three types of modified opinions that an auditor may issue.

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AA – April 2022 – L2 – Q5b – Completion Procedures and Reporting

Comments on the appropriateness of issuing an adverse opinion and suggests an alternative opinion under ISA 705 for a company facing a data loss due to hacking.

You're reporting an error for "AA – April 2022 – L2 – Q5b – Completion Procedures and Reporting"

AAA – Nov 2013 – L3 – AII – Q15 – Audit Reporting

Determine the audit opinion expressed when there is an extreme scope limitation and insufficient audit evidence.

You're reporting an error for "AAA – Nov 2013 – L3 – AII – Q15 – Audit Reporting"

AA – Nov 2023 – L2 – Q5c – Completion Procedures and Reporting

This question requires brief notes on the terms: Qualified opinion, Disclaimer of opinion, Emphasis of Matter paragraph, and Other Matter paragraph.

You're reporting an error for "AA – Nov 2023 – L2 – Q5c – Completion Procedures and Reporting"

AA – Nov 2016 – L2 – Q5c – Completion Procedures and Reporting

List and describe the three types of modified opinions that an auditor may issue.

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AA – April 2022 – L2 – Q5b – Completion Procedures and Reporting

Comments on the appropriateness of issuing an adverse opinion and suggests an alternative opinion under ISA 705 for a company facing a data loss due to hacking.

You're reporting an error for "AA – April 2022 – L2 – Q5b – Completion Procedures and Reporting"

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