Qualified Opinion

AA – Nov 2024 – L2 – Q4b – Audit Report and Basis for Opinion

Justify the audit report type and draft the basis for the opinion section.

Question

You are part of the audit team auditing a client in the retail business. During your risk assessment procedures, you were informed by management that accounts receivable records in one of the company’s branches were destroyed in a fire. The company is in the process of obtaining these accounts receivable records but was not able to do so prior to the approval of the financial statements. The fire incident happened on 31 December 2023 and the estimated amount involved is GH¢20 million. The audit team assessed that they are unable to obtain sufficient appropriate audit evidence due to inadequate accounting records. Possible effects are deemed material but not pervasive.

Required:
i) Justify the type of audit report to be issued in the above scenario.

ii) Draft the basis for the above opinion section of the auditor’s report.

Answer

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Tags: Audit report, Basis for Opinion, Financial Reporting, Material Misstatement, Qualified Opinion, Sufficient Audit Evidence
Level: Level 2

Topic: Completion Procedures and Reporting
Series: Nov 2024

AAA – Nov 2011 – L3 – SAII – Q19 – Audit Reporting

Effect of scope limitation on the type of auditor’s report.

Question

Limitation in the scope of work may give rise to………… in an auditor’s report.

Answer

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Tags: Audit Reporting, Auditor's Report, Qualified Opinion, Scope Limitation
Level: Level 3

Series: NOV 2011

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 2023 – L2 – Q4c – Completion Procedures and Reporting, Audit and Assurance Evidence

This question explains the auditor's actions if management refuses to provide representations.

Question

ISA 580: Written Representations guides the use of management representations as audit evidence, the procedures to be applied in evaluating and documenting management representations, and the action to be taken if management refuses to provide appropriate representations.

Required:
Explain the action to be taken by the auditor if management refuses to provide representations.
(3 marks)

Answer

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Tags: ISA 580, Qualified Opinion, Scope Limitation, Written representations
Level: Level 2

Topic: Audit and Assurance Evidence, Completion Procedures and Reporting
Series: NOV 2023

AA – Nov 2016 – L2 – Q5d – Completion Procedures and Reporting

List circumstances under which an auditor may issue a qualified opinion.

Question

State with details TWO circumstances under which an auditor may issue a qualified opinion. (3 marks)

Answer

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Tags: Audit Scope Limitations, Misstatements, Qualified Opinion
Level: Level 2

Topic: Completion Procedures and Reporting
Series: NOV 2016

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 – May 2019 – L2 – Q5a – Completion Procedures and Reporting

Explains the circumstances under which a qualified or adverse audit opinion is issued.

Question

a) When there is a material disagreement between the Auditor and management of a client, this could lead to the Auditor expressing a qualified opinion or an adverse opinion.
Required:
Evaluate the circumstances, when due to disagreement between Management and the auditor, an audit firm may express a qualified opinion or an adverse opinion in its report on the financial statements of a company.
(5 marks)

Answer

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Tags: Adverse Opinion, Audit opinion, Financial Statements, Material Misstatement, Qualified Opinion
Level: Level 2

Topic: Completion Procedures and Reporting
Series: MAY 2019

AA – Nov 2024 – L2 – Q4b – Audit Report and Basis for Opinion

Justify the audit report type and draft the basis for the opinion section.

Question

Required:
i) Justify the type of audit report to be issued in the above scenario.

ii) Draft the basis for the above opinion section of the auditor’s report.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit report, Basis for Opinion, Financial Reporting, Material Misstatement, Qualified Opinion, Sufficient Audit Evidence
Level: Level 2

Topic: Completion Procedures and Reporting
Series: Nov 2024

AAA – Nov 2011 – L3 – SAII – Q19 – Audit Reporting

Effect of scope limitation on the type of auditor’s report.

Question

Limitation in the scope of work may give rise to………… in an auditor’s report.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Reporting, Auditor's Report, Qualified Opinion, Scope Limitation
Level: Level 3

Series: NOV 2011

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 2023 – L2 – Q4c – Completion Procedures and Reporting, Audit and Assurance Evidence

This question explains the auditor's actions if management refuses to provide representations.

Question

Required:
Explain the action to be taken by the auditor if management refuses to provide representations.
(3 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: ISA 580, Qualified Opinion, Scope Limitation, Written representations
Level: Level 2

Topic: Audit and Assurance Evidence, Completion Procedures and Reporting
Series: NOV 2023

AA – Nov 2016 – L2 – Q5d – Completion Procedures and Reporting

List circumstances under which an auditor may issue a qualified opinion.

Question

State with details TWO circumstances under which an auditor may issue a qualified opinion. (3 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Scope Limitations, Misstatements, Qualified Opinion
Level: Level 2

Topic: Completion Procedures and Reporting
Series: NOV 2016

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 – May 2019 – L2 – Q5a – Completion Procedures and Reporting

Explains the circumstances under which a qualified or adverse audit opinion is issued.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Adverse Opinion, Audit opinion, Financial Statements, Material Misstatement, Qualified Opinion
Level: Level 2

Topic: Completion Procedures and Reporting
Series: MAY 2019

Question Tag: Qualified Opinion

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AA – Nov 2024 – L2 – Q4b – Audit Report and Basis for Opinion

Justify the audit report type and draft the basis for the opinion section.

AAA – Nov 2011 – L3 – SAII – Q19 – Audit Reporting

Effect of scope limitation on the type of auditor’s report.

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 2023 – L2 – Q4c – Completion Procedures and Reporting, Audit and Assurance Evidence

This question explains the auditor's actions if management refuses to provide representations.

AA – Nov 2016 – L2 – Q5d – Completion Procedures and Reporting

List circumstances under which an auditor may issue a qualified opinion.

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

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

AA – May 2019 – L2 – Q5a – Completion Procedures and Reporting

Explains the circumstances under which a qualified or adverse audit opinion is issued.

AA – Nov 2024 – L2 – Q4b – Audit Report and Basis for Opinion

Justify the audit report type and draft the basis for the opinion section.

AAA – Nov 2011 – L3 – SAII – Q19 – Audit Reporting

Effect of scope limitation on the type of auditor’s report.

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 2023 – L2 – Q4c – Completion Procedures and Reporting, Audit and Assurance Evidence

This question explains the auditor's actions if management refuses to provide representations.

AA – Nov 2016 – L2 – Q5d – Completion Procedures and Reporting

List circumstances under which an auditor may issue a qualified opinion.

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

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

AA – May 2019 – L2 – Q5a – Completion Procedures and Reporting

Explains the circumstances under which a qualified or adverse audit opinion is issued.

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Question Tag: Qualified Opinion

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AA – Nov 2024 – L2 – Q4b – Audit Report and Basis for Opinion

Justify the audit report type and draft the basis for the opinion section.

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AAA – Nov 2011 – L3 – SAII – Q19 – Audit Reporting

Effect of scope limitation on the type of auditor’s report.

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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 2023 – L2 – Q4c – Completion Procedures and Reporting, Audit and Assurance Evidence

This question explains the auditor's actions if management refuses to provide representations.

You're reporting an error for "AA – Nov 2023 – L2 – Q4c – Completion Procedures and Reporting, Audit and Assurance Evidence"

AA – Nov 2016 – L2 – Q5d – Completion Procedures and Reporting

List circumstances under which an auditor may issue a qualified opinion.

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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 – May 2019 – L2 – Q5a – Completion Procedures and Reporting

Explains the circumstances under which a qualified or adverse audit opinion is issued.

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AA – Nov 2024 – L2 – Q4b – Audit Report and Basis for Opinion

Justify the audit report type and draft the basis for the opinion section.

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AAA – Nov 2011 – L3 – SAII – Q19 – Audit Reporting

Effect of scope limitation on the type of auditor’s report.

You're reporting an error for "AAA – Nov 2011 – L3 – SAII – Q19 – 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 2023 – L2 – Q4c – Completion Procedures and Reporting, Audit and Assurance Evidence

This question explains the auditor's actions if management refuses to provide representations.

You're reporting an error for "AA – Nov 2023 – L2 – Q4c – Completion Procedures and Reporting, Audit and Assurance Evidence"

AA – Nov 2016 – L2 – Q5d – Completion Procedures and Reporting

List circumstances under which an auditor may issue a qualified opinion.

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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 – May 2019 – L2 – Q5a – Completion Procedures and Reporting

Explains the circumstances under which a qualified or adverse audit opinion is issued.

You're reporting an error for "AA – May 2019 – L2 – Q5a – Completion Procedures and Reporting"

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