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Topic
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“The objective of our audit is to express an unmodified opinion on the financial statements although it is possible that facts or circumstances encountered may preclude us from expressing an unmodified opinion.” What is the most likely source of this statement?
A.
Auditor’s engagement letter
Incorrect B.
Auditor’s communication with the audit committee
C.
Auditor’s report
D.
Letter for underwriters
Correct answer: A
The auditor’s engagement letter should address such matters as the objective of the engagement and, therefore, would include a statement such as, “The objective of our audit is to express an unmodified opinion on the financial statements although it is possible that facts or circumstances encountered may preclude us from expressing an unmodified opinion.”
My question: isn’t it unethical and also illegal to audit FS with the objective to issue an unmodified opinion?
FAR - 11/18/15 - 74, 04/29 - 70 overworked myself to the last day and was burnt out at the exam.
AUD - 01/18/16 - 74 AGAIN FML, retake - only going to schedule when I feel happy with my prep.
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