ACCT 475 Lecture 26: ACCT 475 – Lecture 26

• School: McGill University
• Department: Accounting
• Course: ACCT 475
• Professor: Kevin Paul Parent

Document Summary

Chapter 12: completing and reporting on the audit. Presented fairly, in all material respects: other reporting responsibilities, auditor"s sig(cid:374)ature, either fir(cid:373) (cid:374)a(cid:373)e, or perso(cid:374)al (cid:374)a(cid:373)e depending on legislative requirements, date of report, auditor"s address. Auditor may need to modify audit opinion to emphasize a certain matter or to express a qualified, adverse, or disclaimer of opinion: cas 705, cas 706. E. g. , going concern uncertainty: could also apply if information in annual report is materially inconsistent with financial statements. Could result fro(cid:373) auditor"s i(cid:374)a(cid:271)ilit(cid:455) to perfor(cid:373) pro(cid:272)edures or a(cid:374) imposition by the entity. E(cid:374)tit(cid:455)"s re(cid:272)ords (cid:272)ould (cid:271)e da(cid:373)aged or (cid:374)ot (cid:272)o(cid:373)plete. Access could be restricted to locations, key personnel. If problem is material to the financial statements, a qualified opinion or disclaimer of opinion is expressed. Disagreement with those charged with governance, regarding: accounting policies selected, method of accounting policy application, adequacy of disclosures in financial report. If material to the financial statements a qualified or adverse opinion is expressed.