Wiley Practitioner's Guide to GAAS 2020

31AU-C 705 Modifications to the Opinion in the Independent Auditor’s Report

Scope

Definitions of Terms

Objective of AU-C Section 705

Requirements

Types of Modified Opinions

Modified Opinion Format

Disclaimer of Opinion

Inability to Obtain Sufficient Appropriate Audit Evidence

Departure from the Applicable Financial Reporting Framework

AU-C 705 Illustrations (Source: AU-C 705.A32)

Illustration 1. An Auditor’s Report Containing a Qualified Opinion Due to a Material Misstatement of the Financial Statements

Illustration 2. An Auditor’s Report Containing a Qualified Opinion for Inadequate Disclosure

Illustration 3. An Auditor’s Report Containing an Adverse Opinion Due to a Material Misstatement of the Financial Statements

Illustration 4. An Auditor’s Report Containing a Qualified Opinion Due to the Auditor’s Inability to Obtain Sufficient Appropriate Audit Evidence

Illustration 5. An Auditor’s Report Containing a Disclaimer of Opinion Due to the Auditor’s Inability to Obtain Sufficient Appropriate Audit Evidence about a Single Element of the Financial Statements

Illustration 6. An Auditor’s Report Containing a Disclaimer of Opinion Due to the Auditor’s Inability to Obtain Sufficient Appropriate Audit Evidence about Multiple Elements of the Financial Statements

Illustration 7. An Auditor’s Report in Which the Auditor Is Expressing an Unmodified Opinion in the Prior Year and a Modified Opinion (Qualified Opinion) in the Current Year

Illustration 8. An Auditor’s Report in Which the ...