Discuss the importance of communicating issues with the audit committee. What are possible outcomes if the...

Discuss the importance of communicating issues with the audit committee. What are possible outcomes if the auditor does not communicate these issues?

Explain the types of audit opinions. What are the factors that impact the audit opinion a company receives?

Expert Solution

The issues are communicated to the audit committee should that the members of the audit committee should be aware of the issues faced by the auditor during the year. Further on the issues highlighted, committee members can take reasonable step to close the same.

If the auditor does not communicate these issues and then auditor might face consequences at the time of regulator inspection. Auditor can be charged professional negligence and can be proved that audit was not in accordance with auditing standards. SInce auditors are expected to follow professional standards while discharging their duties.

These are the four types of opinion a) Qualified b) Clean c) Adverse d) Disclaimer

These are the factors that impact the audit opinion a company receives -:

a) Uncorrected Material Misstatement

b) Fraud Noticed by the auditor

c) Non-compliance of accounting standards

d) Improper presentation of financial statements etc.

ekkarill92 answered 2 years ago

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