Understand the auditor's reporting obligations

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Answer:-

On the basis of evaluation of auditor, he shall formed an Express an opinion over true and fair view of financial statement of an entity.

Auditor may express either unmodified or modified opinion.

Meaning of Unmodified Opinion:-

when auditor conclude that financial statement are prepared in all material respect, in accordance with financial reporting Frame Work and are true and fair, he shall express Unmodified Opinion.
Unmodified Opinion indicate:-

that financial statement have been prepared using GAAP, which have been consistently applied. and
that financial statement comply with relevant laws and regulations and
that all material facts have been adequately disclose in financial statements.

3. Further include all basic aspect for audit

Meaning of Modified Opinion :-

Auditor shall express modified opinion when:-

Financial statement as a whole are not free from misstatement OR
When auditor is unable to obtain sufficient and appropriate audit evidence.

ekkarill92 answered 1 year ago

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Understand the auditor's reporting obligations

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