SU 15 - Reports - Opinions and Disclaimers

Question 1

What are the situations in which misstatements may occur?

Answer 1

Misstatements may result from:
Inappropriate selection/application of accounting principles/policies
Inappropriate presentation
Inappropriate/inadequate disclosure
Omission of REQUIRED disclosures

Question 2

Which section of the report changes when an adverse opinion is expressed?

Answer 2

The AUDITOR’s responsibility section changes.