Audit opinion & Wording

Question 1

Opinions

Answer 1

E.g. Opinion “qualified” due to”except for”

Material
Qualified Opinion-except for

Material & Pervasive
Adverse Opinion -“ do not present fairly”
Disclaimer of Opinion-“ We don’t express an opinion”.

Question 2

Impact of modified opinnion on the audit report:

Answer 2

1. Changes to head
2. Basis of opinion paragraph
3. Placement & contents of basis for ooion paragraph.