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  • Auditor Issues Disclaimer of Opinion Due to Lack of Evidence

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    ky ellie
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    The audit team issued a disclaimer of opinion for the company's financial statements because they could not find sufficient evidence to support the statements due to missing business records and limitations placed on their audit procedures, which prevented them from determining if the statements were accurate or contained misstatements.

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    AUDIT OPINION EXPLAINATION.docx

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    The audit team issued a disclaimer of opinion for the company's financial statements because they could not find sufficient evidence to support the statements due to missing business records and limitations placed on their audit procedures, which prevented them from determining if the statements were accurate or contained misstatements.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    7 views1 page

    Auditor Issues Disclaimer of Opinion Due to Lack of Evidence

    Uploaded by

    ky ellie
    The audit team issued a disclaimer of opinion for the company's financial statements because they could not find sufficient evidence to support the statements due to missing business records and limitations placed on their audit procedures, which prevented them from determining if the statements were accurate or contained misstatements.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 1

    An audit opinion is based on evidence that supports the auditor’s opinion about the financial

    statements.

    The audit team issued a DISCLAIMER OF OPINION FOR THE FOLLOWING REASONS:

    1. The auditor is doubtful about the financial statements and could not decide one.

    2. The auditors cannot find evidence even after performing thorough procedures.

    3. The auditors are unable to assure the users that financial statements are true and fair
    or that we’ve found significant misstatements.

    4. The auditors are unable to find sufficient appropriate evidence arises due to the factors like
    missing business records

    and putting limitations to perform procedures on the key audit areas other than analytical
    procedure.

    -INABILITY TO ACCESS THE REQUIRED RECORDS AND DOCUMENTS.

    -LIMITED AVAILABLE DATA PROVIDED BY CLIENT.

    -LIMITATION TO THE SCOPE OF THE AUDIT AND INADEQUATE DISCLOSURE.

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