Tag (SQ): Financial Statement Disclosure

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  • 1 Marks

AAA – L3 – SA – Q1.10 – Audit Opinion

Audit opinion for disclosed zero-interest loan.

If a client has a loan from another group company at zero rate of interest and discloses it in a note to the financial statements, what is the correct audit opinion?

A   It depends whether the item is material

B   Qualified opinion, ‘except for’

C   Qualified opinion, ‘adverse’

D   Unqualified

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