Modified Opinions Due to Audit Issues

Question 1

Qualified Opinion

Answer 1

• lack of sufficient appropriate audit evidence

- restrictions on the scope of the audit

Question 2

Scope Limitation

Answer 2

• wording in the opinion paragraph should include “the possible effects on the financial statements”
• opinion paragraph and basis for opinion paragraph will change.

Question 3

Disclaiming an Opinion

Answer 3

• separate paragraph reason why audit did not comply with GAAS
• auditors responsibility paragraph is revised to mention the disclaimer
• opinion indicates that no opinion is expressed.