Audit. Forms of auditor's report (most important)

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Audit. Forms of auditor's report (most important)

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33. FORMS OF THE AUDITOR'S REPORT

1. Unconditionally positive opinion should be expressed when the auditor comes to the conclusion that the financial (accounting) statements give a reliable idea of the financial position and results of the financial and economic activities of the entity being audited in accordance with the established principles and methods of accounting and preparation of financial (accounting) statements In Russian federation.

2. Qualified opinion should be expressed when the auditor concludes that it is not possible to express an unqualifiedly favorable opinion, but the impact of a disagreement with management or a limitation on the scope of the audit is not sufficiently significant or profound to warrant an adverse opinion or disclaimer of opinion. A qualified opinion must contain the wording: “except for the influence of circumstances...” (indicate the circumstances to which the reservation applies).

3. Disclaimer of Opinion occurs when the limitation of the scope of the audit is so significant and deep that the auditor cannot obtain sufficient evidence and, therefore, is not able to express an opinion on the reliability of the financial (accounting) statements.

4. Negative opinion should be expressed only when the effect of any disagreement with management is so material to the financial (accounting) statements that the auditor concludes that the inclusion of a disclaimer in the auditor's report is not adequate to disclose the misleading or incomplete nature of the financial ( accounting) reporting.

5. Modified auditor's report. The auditor's report is considered modified if the following factors arise:

1) not influencing the auditor's opinion, but described in the auditor's report in order to draw the attention of users to any situation that has developed with the audited entity and disclosed in the financial (accounting) statements;

2) affecting the auditor's opinion that could result in a qualified opinion, a disclaimer of opinion, or an adverse opinion. Under certain circumstances, the auditor's report may be modified by including a part that draws attention to the situation affecting the financial (accounting) statements, but considered in the explanatory notes to the financial (accounting) statements.

The auditor may not be able to express an unconditionally favorable opinion if at least one of the following circumstances exists and, in accordance with the auditor's judgment, this circumstance has or may have a significant impact on the reliability of the financial (accounting) statements:

▪ there is a limitation on the scope of the auditor’s work;

▪ there is a disagreement with management regarding:

a) the admissibility of the chosen accounting policy, the method of its application;

b) adequacy of information disclosure in financial (accounting) statements.

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