April 2022
Intermediate to advanced
1056 pages
34h 59m
English
Content preview from Wiley Practitioner's Guide to GAAS 2022
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33AU-C 705 Modifications to the Opinion in the Independent Auditor's Report
SCOPE
AU-C 705 provides guidance for auditors who conclude that they must modify their opinion. (AU-C 705.01) Note that the reporting requirements of AU-C 700 and 703 apply. They are not repeated in this section. Readers should refer to the chapters on those sections for additional guidance.
DEFINITIONS OF TERMS
Source: AU-C 705.06. For definitions related to this standard, see Appendix A, “Definitions of Terms”: Modified opinion, Pervasive.
OBJECTIVE OF AU-C SECTION 705
The objective of the auditor is to express clearly an appropriately modified opinion on the financial statements that is necessary in the following circumstances:
- the auditor concludes, based on the audit evidence obtained, that the financial statements as a whole are materially misstated or
- the auditor is unable to obtain sufficient appropriate audit evidence to conclude that the financial statements as a whole are free from material misstatement.
(AU-C Section 705.05)
REQUIREMENTS
WHERE MODIFIED OPINIONS ARE REQUIRED
Circumstances may require that the auditor not express an unqualified opinion on the financial statements. A modified opinion should be issued when:
- The auditor concludes the financial statements as ...
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