Parts Remember!

Qualified Adverse Disclaimer

Title Clearly indicates that it is the work of an independent auditor Same as unmodified. Same as unmodified. Same as unmodified.
Addressee Appropriate addressee Same as unmodified. Same as unmodified. Same as unmodified.
Report on the Audit of the Financial A heading that is present when the auditor has other reporting
Statements responsibilities. Same as unmodified. Same as unmodified. Same as unmodified.

(1)Heading will specify "Disclaimer

of Opinion". (2)Introductory
paragraph is modified to indicate
This section contains (1) introductory paragraph; and (2) Heading will specify "Qualified Opinion". Heading will specify "Adverse Opinion". "We were engaged to audit the… "
opinion. If unmodified, heading may just be "Opinion"; Proper wording is used to indicate the Proper wording is used to indicate the (3)Proper wording is used to indicate
Opinion otherwise, heading will specify the type of opinion. modification. modification. the modification.

The section starts with a description of

the reason(s) for the modification. It The section starts with a description of the
ends with a statement about the reason(s) for the modification. It ends with
This section is present regardless of the type of opinion sufficiency and appropriateness of a statement about the sufficiency and
expressed. Salient points raised are (1) PSAs; (2) reference to evidence to support the qualified appropriateness of evidence to support
auditor's responsibilities; (3) auditor independence and the opinion. This is also modified, as the adverse opinion. This is also modified,
Code of Ethics; and (4) sufficiency and appropriateness of appropriate, to draw prominence to the as appropriate, to draw prominence to the This section will only include the
Basis for Opinion evidence. KAM section. KAM section. description of the modification.
Going Concern An EOM. Only forms part of the report if necessary. Same as unmodified. Same as unmodified. Same as unmodified.
Emphasis of matter paragraph Should not be a modification to the opinion nor a KAM. Same as unmodified. Same as unmodified. Same as unmodified.
Key Audit Matters Only for listed entities. Matters of utmost significance. Same as unmodified. Same as unmodified. Same as unmodified.
Other matter paragraph Should not be a KAM. Same as unmodified. Same as unmodified. Same as unmodified.

This section includes (1) management's responsibilities for (a)

Responsibilities of Management and Those FS preparation; and (b) going concern, as well as (2)
Charged with Governance responsibilities of those charged with governance. Same as unmodified. Same as unmodified. Same as unmodified.

More enhanced wording that points out (1) reasonable Modified to indicate that the auditor
assurance; (2) misstatements; and (3) auditor's responsibilities. was unable to obtain sufficient
This section may be presented either as (1) part of the body of appropriate evidence. Auditor
Auditor's Responsibilities for the Audit of the report; (2) an appendix to the report; (3) a reference to an makes a reference to his
the Financial Statements authoritative website. Same as unmodified. Same as unmodified. independence.
Report on Other Legal and Regulatory
Requirements Heading for other reporting responsibilities. Same as unmodified. Same as unmodified. Same as unmodified.
Name of the engagement partner Required only for listed entities. Same as unmodified. Same as unmodified. Same as unmodified.
Signature in the name of the firm, or personal name of the
Signature auditor, or both. Same as unmodified. Same as unmodified. Same as unmodified.
Address Location of the auditor's practice. Same as unmodified. Same as unmodified. Same as unmodified.
Date Dated upon completion of fieldwork. Same as unmodified. Same as unmodified. Same as unmodified.
 Parts Remember! Qualified Adverse
Clearly indicates that it is the work of an independent
Title auditor Same as unmodified. Same as unmodified.

Addressee Appropriate addressee Same as unmodified. Same as unmodified.

A heading that is present when the auditor has other
Report on the Audit of the Financial Statements reporting responsibilities. Same as unmodified. Same as unmodified.

Heading will specify

This section contains (1) introductory paragraph; and Heading will specify "Adverse Opinion".
(2) opinion. If unmodified, heading may just be "Qualified Opinion". Proper wording is used
"Opinion"; otherwise, heading will specify the type of Proper wording is used to to indicate the
Opinion opinion. indicate the modification. modification.

The section starts with a The section starts with a

description of the description of the
reason(s) for the reason(s) for the
modification. It ends with modification. It ends
This section is present regardless of the type of opinion a statement about the with a statement about
expressed. Salient points raised are (1) PSAs; (2) sufficiency and the sufficiency and
reference to auditor's responsibilities; (3) auditor appropriateness of appropriateness of
independence and the Code of Ethics; and (4) evidence to support the evidence to support the
Basis for Opinion sufficiency and appropriateness of evidence. qualified opinion. adverse opinion.

Going Concern An EOM. Only forms part of the report if necessary. Same as unmodified. Same as unmodified.

Emphasis of matter paragraph Should not be a modification to the opinion nor a KAM. Same as unmodified. Same as unmodified.

Key Audit Matters Only for listed entities. Matters of utmost significance. Same as unmodified. Same as unmodified.

Other matter paragraph Should not be a KAM. Same as unmodified. Same as unmodified.

This section includes (1) management's responsibilities

Responsibilities of Management and Those Charged for (a) FS preparation; and (b) going concern, as well as
with Governance (2) responsibilities of those charged with governance. Same as unmodified. Same as unmodified.

More enhanced wording that points out (1) reasonable

Auditor's Responsibilities for the Audit of the
Financial Statements
Report on Other Legal and Regulatory
Requirements
assurance; (2) misstatements; and (3) auditor's
responsibilities. This section may be presented either
as (1) part of the body of the report; (2) an appendix to
the report; (3) a reference to an authoritative website. Same as unmodified. Same as unmodified.
Heading for other reporting responsibilities. Same as unmodified. Same as unmodified.

Name of the engagement partner Required only for listed entities. Same as unmodified. Same as unmodified.
Signature in the name of the firm, or personal name of
Signature the auditor, or both. Same as unmodified. Same as unmodified.

Address Location of the auditor's practice. Same as unmodified. Same as unmodified.

Date Dated upon completion of fieldwork. Same as unmodified. Same as unmodified.

 Disclaimer

Same as unmodified.

Same as unmodified.

Same as unmodified.

(1)Heading will specify

"Adverse Opinion".
(2)Introductory
paragraph is modified
to indicate "We were
engaged to audit the…
" (3)Proper wording is
used to indicate the
modification.

This section will only

include the description
of the modification.

Same as unmodified.

Same as unmodified.

Same as unmodified.

Same as unmodified.

Same as unmodified.

Modified to indicate
that the auditor was
unable to obtain
sufficient appropriate
evidence. Auditor
makes a reference to
his independence.

Same as unmodified.

Same as unmodified.

Same as unmodified.

Same as unmodified.

Same as unmodified.