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Statements
Auditor’s Report on Financial Statements
Qualified Adverse
Opinion Opinion
Basis for Modification Paragraph
Modified Opinion
- Separate paragraph in the auditor’s report that provides
a description of the matter giving rise to the
modification.
- Placed immediately before the opinion paragraph.
- Appropriate heading such as “Basis for Qualified
Opinion”, “Basis for Adverse Opinion”, or “Basis for
Disclaimer of Opinion”.
Material Misstatement Scope Limitation
Explanation for
Description Quantification the reason of
inability
Modification of the Auditor’s Report
Opinion
HEADING
Section
1. Qualified Opinion
2. Adverse Opinion
3. Disclaimer of Opinion
Qualified/Adverse
Disclaimer of Opinion
Opinion
“Our responsibility is to express an
“Auditor believes that the opinion on the financial statements
audit evidence the auditor based on conducting the audit in
has obtained is sufficient accordance with the Philippine
and appropriate to Standards on Auditing. Because of
provide a basis for the the matter described in the Basis
auditor’s qualified or for Disclaimer of Opinion
adverse opinion.” paragraph, however, we were not
able to obtain sufficient appropriate
audit evidence to provide a basis
for an audit opinion.”
Piecemeal Opinion
-is an unmodified opinion expressed on one or more components
of the financial statements while expressing an adverse or
disclaimer of opinion on the financial statements taken as a
whole.
Going Concern