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Audit Opinion (Classification of Audit Opinion in Light of International Standards On Auditing (ISA) )
Audit Opinion (Classification of Audit Opinion in Light of International Standards On Auditing (ISA) )
Audit opinion
Classification of Audit opinion in light of International Standards on Auditing (ISA)
(ISA 700, paragraphs 3536, deal with the phrases used to express this opinion in the case of a fair presentation framework and a compliance framework respectively.)
ISA 700 describes the contents and format of the unmodified report in detail.
Modified opinionA qualified opinion, an emphasis of matter adverse opinion or a disclaimer of opinion.
Emphasis of Matter paragraphA paragraph included in the auditors report that refers to a matter appropriately presented or disclosed in the financial statements that, in the auditors judgment, is of such importance that it is fundamental to users understanding of the financial statements.
based on the audit evidence obtained financial statements as a whole are not free from material misstatement conclude unable to obtain sufficient appropriate audit evidence to
What is Pervasive?
material, but not pervasive unable to obtain sufficient appropriate audit evidence
material but not pervasive
What is Pervasive?
adverse report obtained sufficient appropriate audit evidence both material and pervasive
What is Pervasive?
What is Pervasive?
Nature of Matter Giving Rise to the Modification Financial statements are materially misstated Inability to obtain sufficient appropriate audit evidence
Auditors Judgment about the Pervasiveness of the Effects or Possible Effects on the Financial Statements Material but Not Pervasive Qualified opinion Qualified opinion Material and Pervasive Adverse opinion Disclaimer of opinion
By: S. A. Pasha