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Two questions from these issues: The outline for the unqualified auditors’ report. Short questions dealing with...

Two questions from these issues:

The outline for the unqualified auditors’ report.

Short questions dealing with audit reporting:

Given a fact situation what kind of audit opinion would you issue?

How does this differ from the unqualified audit opinion?

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Homework Answers

Answer #1

Short Questions dealing with audit reporting:

1.Who are the beneficiaries of Audit Report?

Audit reports can be issued for the benefit of shareholders and even for the benefit of Tax agencies, investigation agencies in special cases.

2. Can Audit report be used as an evidence?

Audit report is just an assurance document which states that, the entity is not departing from the existing GAAP but it is not an evidence.

Given a fact situation what kind of audit opinion would you issue?

Eg., Fact: There were misstatements in Financial Statements of a Company which are not pervasive and not material - Qualified Opinion will be given

The organization is not providing sufficient information required by the auditor - Auditor can issue disclaimer of opinion for withholding the information.

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