Audit Opinion Question

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  • June 30, 2015 at 1:38 am #195141
    Anonymous
    Inactive

    If an auditor finds a material misstatement within a company’s F/S, and the company corrects the misstatement in its year end adjusting entries, what type of opinion will be issued by the auditor? I believe the answer would be a qualified opinion, since there was a material misstatement.

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  • June 30, 2015 at 2:38 pm #676558
    Anonymous
    Inactive

    Unqualified, the statements, as presented will be materially correct.

    If a qualified opinion was issued every time there was an audit adjustment proposed very few audits would have unqualified opinions.

    June 30, 2015 at 4:51 pm #676559
    wr8280
    Member

    Agree with BowBett

    FAR- 82
    REG- 93
    AUD- 89
    BEC- 88

    You are smarter, more focused, and more brilliant than you give yourself credit for. Believe in yourself and truly know in your heart that you can do it.

    June 30, 2015 at 10:22 pm #676560
    JohnWayneIsGod
    Participant

    Everyone else has it correct. The qualified opinion would only be issued if the reporting company did not make adjusting entries to correct the material misstatement.

    FAR - 80

    Courage is being scared to death, but saddling up anyway.

    -John Wayne

    July 3, 2015 at 4:22 pm #676561
    Anonymous
    Inactive

    Thank you to everyone. That is very helpful. You guys are awesome!

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