Did they do away with 'except for' qualied modification report?

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  • January 13, 2016 at 1:59 am #199500
    bigbuk
    Member

    I remember use to seeing the ‘except for’ qualified report often as a standard report modification, but do not see it in the ninja aud notes. its possible i missed it all together

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  • January 13, 2016 at 2:11 am #754643
    Biff-1955-Tannen
    Participant

    Qualified reports still say “except for”

    AUD 93 Jan 16
    BEC 83 Feb 16
    FAR 83 Apr 16
    REG 84 May 16

    99% Ninja MCQ only

    January 13, 2016 at 4:36 am #754644
    happygal
    Participant

    I just started studying for audit and have not worked in the field before, can someone please explain “except-for”? thank you!

    January 13, 2016 at 4:48 am #754645
    Biff-1955-Tannen
    Participant

    An except for statement will occur if the auditor issues a Qualified opinion. The “except for” part of of a qualified opinion will be in the “opinion paragraph” of the report. All it is saying is that except for (list reason why the opinion is qualified and not unmodified), the financial statements are free from material misstatement.

    AUD 93 Jan 16
    BEC 83 Feb 16
    FAR 83 Apr 16
    REG 84 May 16

    99% Ninja MCQ only

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