The circumstances described in (a) could lead to a qualified opinion or a disclaimer of opinion. There is a disagreement with management regarding the acceptability of the accounting policies selected, the method of their application or the adequacy of financial statement disclosures.There is a limitation on the scope of the auditor’s work or.Matters that Do Affect the Auditor’s OpinionĪn auditor may not be able to express an unqualified opinion when either of the following circumstances exists and, in the auditor’s judgment, the effect of the matter is or may be material to the financial statements: The auditor should date the report as of the completion date of the audit.Īn unqualified opinion should be expressed when the auditor concludes that the financial statements are presented fairly, in all material respects, in accordance with generally accepted accounting principles.Īn auditor’s report is considered to be modified in the following situations: The opinion paragraph of the auditor’s report should clearly state the auditor’s opinion as to whether the financial statements are presented fairly, in all material respects, in accordance with generally accepted accounting principles and, where appropriate, whether the financial statements comply with statutory requirements. The report should include a statement by the auditor that the audit provides a reasonable basis for the opinion. Evaluating the overall financial statement presentation.Assessing the accounting principles used and significant estimates made by management in the preparation of the financial statements and.Examining, on a test basis, evidence to support the financial statement amounts and disclosures.The auditor’s report should describe the audit as including: The report should include a statement that the audit was planned and performed to obtain reasonable assurance about whether the financial statements are free of material misstatement. The auditor’s report should describe the scope of the audit by stating that the audit was conducted in accordance with generally accepted auditing standards or in accordance with relevant national standards or practices as appropriate. The report should include a statement that the financial statements are the responsibility of the entity’s management and a statement that the responsibility of the auditor is to express an opinion on the financial statements based on the audit. The auditor’s report should identify the financial statements of the entity that have been audited, including the date of and period covered by the financial statements. The auditor’s report should have an appropriate title to distinguish the auditor’s report from reports that might be issued by others. The auditor’s report includes the following basic elements, ordinarily in the following layout: The auditor’s report should contain a clear written expression of opinion on the financial statements taken as a whole. The auditor should review and assess the conclusions drawn from the audit evidence obtained as the basis for the expression of an opinion on the financial statements. Revised by Auditing Standards Committee in Taiwan on 21 December, 1999. 33 The Auditor's Report on Financial Statements Accounting Research and Development Foundation in Taiwan - Auditing Standards - SAS Summaries
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