Unqualified Opinion

- All statements are complied with IFRS, everythings good (Y)

Qualified Opinion report
- The financial statements are materially misstated due to misstatement in one particular
account balance, class of transaction or disclosure, OR
- When the auditor is unable to obtain audit evidence regarding particular account
balance, class of transaction or disclosure, AND
- Does not have pervasive effect on the financial statements.
Adverse Opinion report
- The financial statements are materially misstated, and do not conform with IFRS
- Such misstatements have pervasive effect on the financial statements.
A Disclaimer of Opinion is issued in either of the following cases:
- When the limitation on scope is imposed by client, as a result the auditor is unable to
obtain sufficient appropriate audit evidence.
- When there are significant uncertainties in the business of client.
Auditor's report on internal controls of public companies
- Only suggestion to the company on how to improve its internal controls. The company
is not required to comply.
February 2, 2015 MGAD20
Reviewing Interim F/S (quarterly statements)
- You must be the auditor of the f/s to conduct a 750
- Solely for public companies
- They have to submit quarterly f/s to regulators
- Advantage: address problems earlier
- analytical procedures, inquiry, etc