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i need answers fast
just need a short list of some correct
global issues
they need to be correct because its a school project
-fashionably yours,L=]...
Richie Scott
Audit: am i right in this?
Just checking; if you as auditor make adjustments and they are accepted - then you issue a unqualified report.
If your adjustments are rejected, then you issue either a qualified report with a disclaimer or an adverse opinion.
Am i correct?
yes, you're right. If the adjustments are made, you don't need to qualify the report. HOWEVER, in some cases the auditor will have to include an "emphasis of matter" paragraph in the audit report to highlight a certain matter, even after the company has agreed to the auditor' s adjustments. This is not equivalent to qualifying the report. It's called "modifying" the report. This happens when there is a doubt about the Co.'s going concern stauts for example.
Also, qualified opinions include "except for" opinions, in addition to adverse opinions and disclaimers.
Chris CPA
if adjustments were accepted and booked auditor must issue unqualified report. But if not auditor must choose between adverse or qualified depending on the materiality of misstatements.
groovydude
depends on the materiality of the adjustment and the pursuasiveness of the directors. :)
gorgeous
yah, you are quite correct there. are you an internal or external auditor?
Scobill
That seems to be the way I remember our internal auditors worked when they carried out an audit in my department .
JOHN R
As a general rule both your definitions are correct.
All accounts are audited & errors are adjusted before final accounts are submitted. Its as simple as that ! Accounts will not be authorised by Auditors if adjustments are not corrected.
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