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Hayes, Gortemaker and Wallage, Principles of Auditing PowerPoints on the Web, 3rd edition © Pearson Education Limited 2014
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Hayes, Gortemaker and Wallage, Principles of Auditing PowerPoints on the Web, 3rd edition © Pearson Education Limited 2014
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Hayes, Gortemaker and Wallage, Principles of Auditing PowerPoints on the Web, 3rd edition © Pearson Education Limited 2014
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Hayes, Gortemaker and Wallage, Principles of Auditing PowerPoints on the Web, 3rd edition © Pearson Education Limited 2014
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Hayes, Gortemaker and Wallage, Principles of Auditing PowerPoints on the Web, 3rd edition © Pearson Education Limited 2014
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Hayes, Gortemaker and Wallage, Principles of Auditing PowerPoints on the Web, 3rd edition © Pearson Education Limited 2014
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Opinion
In our opinion, the financial statements present fairly, in
all material respects, (or give a true and fair view of) the
financial position of ABC Company as at December 31,
20X1, and (of) its financial performance and its cash flows
for the year then ended in accordance with International
Financial Reporting Standards.
Report on Other Legal and Regulatory Requirements
[Form and content of this section of the auditor’s report
will vary depending on the nature of the auditor’s other
reporting responsibilities.]
[Auditor’s signature]
[Date of the auditor’s report]
[Auditor’s address]
Hayes, Gortemaker and Wallage, Principles of Auditing PowerPoints on the Web, 3rd edition © Pearson Education Limited 2014
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Hayes, Gortemaker and Wallage, Principles of Auditing PowerPoints on the Web, 3rd edition © Pearson Education Limited 2014
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qualified, Q U A D
adverse or
disclaimer of
opinion
Hayes, Gortemaker and Wallage, Principles of Auditing PowerPoints on the Web, 3rd edition © Pearson Education Limited 2014
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Hayes, Gortemaker and Wallage, Principles of Auditing PowerPoints on the Web, 3rd edition © Pearson Education Limited 2014
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Hayes, Gortemaker and Wallage, Principles of Auditing PowerPoints on the Web, 3rd edition © Pearson Education Limited 2014
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Auditors responsibility …We believe that the audit evidence we have obtained
is sufficient and appropriate to provide a basis for our qualified audit opinion.
Basis for qualified opinion
ABC Company’s investment in XYZ Company, a foreign associate acquired
during the year and accounted for by the equity method, is carried at xxx on the
statement of financial position as at December 31, 20X1, and ABC’s share of
XYZ’s net income of xxx is included in ABC’s income for the year then ended.
We were unable to obtain sufficient appropriate audit evidence about the
carrying amount of ABC’s investment in XYZ as at December 31, 20X1 and
ABC’s share of XYZ’s net income for the year because we were denied access
to the financial information, management and the auditors of XYZ.
Consequently, we were unable to determine whether any adjustments to these
amounts were necessary.
Qualified opinion
In our opinion, except for the possible effects of the matter described in the
Basis for Qualified Opinion paragraph, the financial statements present fairly,
in all material respects, (or give a true and fair view of) the financial position of
ABC Company as at December 31, 20X1, and (of) its financial performance
and its cash flows for the year then ended in accordance with International
Financial Reporting Standards.
Hayes, Gortemaker and Wallage, Principles of Auditing PowerPoints on the Web, 3rd edition © Pearson Education Limited 2014
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Hayes, Gortemaker and Wallage, Principles of Auditing PowerPoints on the Web, 3rd edition © Pearson Education Limited 2014
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or interaction of multiple
uncertainties on F/S
Hayes, Gortemaker and Wallage, Principles of Auditing PowerPoints on the Web, 3rd edition © Pearson Education Limited 2014
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Hayes, Gortemaker and Wallage, Principles of Auditing PowerPoints on the Web, 3rd edition © Pearson Education Limited 2014
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Hayes, Gortemaker and Wallage, Principles of Auditing PowerPoints on the Web, 3rd edition © Pearson Education Limited 2014
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Hayes, Gortemaker and Wallage, Principles of Auditing PowerPoints on the Web, 3rd edition © Pearson Education Limited 2014
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Hayes, Gortemaker and Wallage, Principles of Auditing PowerPoints on the Web, 3rd edition © Pearson Education Limited 2014
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Limitation on scope
Hayes, Gortemaker and Wallage, Principles of Auditing PowerPoints on the Web, 3rd edition © Pearson Education Limited 2014
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Hayes, Gortemaker and Wallage, Principles of Auditing PowerPoints on the Web, 3rd edition © Pearson Education Limited 2014
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Hayes, Gortemaker and Wallage, Principles of Auditing PowerPoints on the Web, 3rd edition © Pearson Education Limited 2014
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Hayes, Gortemaker and Wallage, Principles of Auditing PowerPoints on the Web, 3rd edition © Pearson Education Limited 2014
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Hayes, Gortemaker and Wallage, Principles of Auditing PowerPoints on the Web, 3rd edition © Pearson Education Limited 2014
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Hayes, Gortemaker and Wallage, Principles of Auditing PowerPoints on the Web, 3rd edition © Pearson Education Limited 2014
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May 8, 2014
Rolls-Royce – the jet engine maker, not the car company – used estimates and assumptions in its
financial results that resulted in ‘mildly cautious profit recognition’ in an important part of its
business. On the other hand, the company was ‘mildly optimistic’ in other assumptions, ‘resulting in
a somewhat lower liability being recorded than might otherwise have been the case’.
Coming from almost anyone else, such observations might not be particularly notable. But those
comments came from Jimmy Daboo, the lead audit partner on the Rolls-Royce account at KPMG,
and are included in the company’s new annual report.
Until now, auditors’ letters have been among the least interesting parts of annual reports. If the
opinions said the accounting was proper – and virtually all did – and did not voice concern about
whether a company could stay in business, the letters were basically the same. There was no
reason for an investor to read them. In the United States, that is still the case.
Hayes, Gortemaker and Wallage, Principles of Auditing PowerPoints on the Web, 3rd edition © Pearson Education Limited 2014
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Hayes, Gortemaker and Wallage, Principles of Auditing PowerPoints on the Web, 3rd edition © Pearson Education Limited 2014
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Communications of deficiencies in
internal control
The auditor must communicate to management in
writing significant deficiencies in internal control
that are of sufficient importance to merit
management’s attention. The communication
should include:
A description of the deficiencies and an explanation
of their potential effects
Sufficient information to enable those charged with
governance and management to understand the
context of the communication.
Hayes, Gortemaker and Wallage, Principles of Auditing PowerPoints on the Web, 3rd edition © Pearson Education Limited 2014
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Governance structures
• The structures of governance vary from country
to country reflecting cultural and legal
backgrounds.
• In some countries, the supervision function, and
the management function are legally separated
into different bodies, such as a supervisory
(wholly or mainly non-executive) board and a
management (executive) board.
• In other countries, such as the US, both functions
are the legal responsibility of a single, unitary
board.
Hayes, Gortemaker and Wallage, Principles of Auditing PowerPoints on the Web, 3rd edition © Pearson Education Limited 2014
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Hayes, Gortemaker and Wallage, Principles of Auditing PowerPoints on the Web, 3rd edition © Pearson Education Limited 2014
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Hayes, Gortemaker and Wallage, Principles of Auditing PowerPoints on the Web, 3rd edition © Pearson Education Limited 2014
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Management letter
Hayes, Gortemaker and Wallage, Principles of Auditing PowerPoints on the Web, 3rd edition © Pearson Education Limited 2014
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Any Questions?
Hayes, Gortemaker and Wallage, Principles of Auditing PowerPoints on the Web, 3rd edition © Pearson Education Limited 2014