Audit Opinions Flashcards
1
Q
What is an unmodified opinion>
A
Auditor concludes FSs are prepared in all material respects, in accordance with financial reporting framework
2
Q
What is meant by material misstatement?
A
Appropriateness of accounting policies
Appropriateness of disclosures in FSs
3
Q
Modified audit opinion (material but not pervasive)
A
Qualified opinion
4
Q
Modified audit opinion (material and pervasive) due to insufficient appropriate evidence?
A
Disclaimer of opinion
5
Q
Modified audit opinion (material and pervasive) due to material misstatement?
A
Adverse opinion
6
Q
What is emphasis of matter?
A
Matter disclosed in FSs that is of great significance
