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  • Overcoming Scope Limitations: R Orting - Module 4

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    Hazem El Sayed
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    Auditors may be able to overcome certain scope limitations by determining that an uncorroborated assertion is not material to the financial statements as a whole or by applying alternative procedures. If the auditor can overcome the limitation, an unqualified opinion is expressed. However, if the limitation cannot be overcome and is material or pervasive, the auditor will issue a modified report in the form of either a qualified opinion or a disclaimer of opinion.

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    Auditors may be able to overcome certain scope limitations by determining that an uncorroborated assertion is not material to the financial statements as a whole or by applying alternative procedures. If the auditor can overcome the limitation, an unqualified opinion is expressed. However, if the limitation cannot be overcome and is material or pervasive, the auditor will issue a modified report in the form of either a qualified opinion or a disclaimer of opinion.

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    3 views1 page

    Overcoming Scope Limitations: R Orting - Module 4

    Uploaded by

    Hazem El Sayed
    Auditors may be able to overcome certain scope limitations by determining that an uncorroborated assertion is not material to the financial statements as a whole or by applying alternative procedures. If the auditor can overcome the limitation, an unqualified opinion is expressed. However, if the limitation cannot be overcome and is material or pervasive, the auditor will issue a modified report in the form of either a qualified opinion or a disclaimer of opinion.

    Copyright:

    © All Rights Reserved
    Download as RTF, PDF, TXT or read online from Scribd
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    1

    Overcoming Scope Limitations

    Auditor may be able to overcome scope limitations

     Assertion that cannot be corroborated may not be material to financial statements


    taken
    as a whole
     Auditor may be able to apply alternate procedures
    When auditor can overcome scope limitation
    Unqualified opinion expressed
     Unmodified report issued
    2

    Focus on
    Reporting - Module 4
    168

    Modified Reports

    When auditor cannot overcome scope limitation


    Effect of scope limitation is evaluated
    Modified report issued
    Scope limitation may be material

    Auditor able to express opinion on financial statements taken as a whole


    Material assertion neither corroborated nor contradicted
    Auditor issues qualified opinion
    Scope limitation may be pervasive (very material)
    Auditor unable to express opinion on financial statements taken as a whole
    Auditor issues disclaimer of opinion

    Focus on
    169
    Reporting - Module 4

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