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The most common example is an auditee that knows that the current auditor is going to issue a qualified, adverse, or disclaimer of opinion report, who then rescinds the audit engagement before the opinion is issued, and subsequently "shops" for another auditor who is willing to issue an "unqualified" opinion, regardless of any qualifying ...
A scope limitation is a restriction on the applicability of an auditor's report that may arise from the inability to obtain sufficient appropriate evidence about a component in the financial statements. When all the audit procedures that are considered necessary, either by circumstances, engagement, or client limitation, the audit is limited in ...
This approach states that the auditor has liability under ordinary negligence if the third party is known to be using the financial statements and there has been some sort of direct communication between the two parties. [12] An example could be the auditor directly giving a report to the bank that will be providing the loan for an actual client.
The unqualified auditor's opinion is the opinion that the financial statements are presented fairly. A qualified opinion is that the financial statements are presented fairly in all material respects in accordance with US GAAP, except for a material misstatement that does not however pervasively affect the user's ability to rely on the ...
An emphasis of matter paragraph indicates that the auditor's opinion is not modified with respect to the matter emphasized. Under the framework of the International Standards on Auditing (ISA), the emphasis of matter paragraph is placed after the opinion paragraph (and, consequently, towards the end of the report), in the auditor's report. [2]
Negative assurance is not appropriate unless the CPA has made an examination in accordance with GAAS for the accounting period before the current one. This is because the auditor needs evidence that can be related to comfort letter procedures. For negative assurance to be permissible, the evidence must have been gathered directly by the CPA ...
Anna Faris' popular podcast "Unqualified" is coming back, but it may look a little different when it returns. Fans of the candid podcast have been wondering why there hasn't been a new episode for ...
When the auditor cannot express an overall opinion, the auditor should state the reasons therefore in the auditor's report. In all cases where an auditor's name is associated with financial statements, the auditor should clearly indicate the character of the auditor's work, if any, and the degree of responsibility the auditor is taking, in the ...