Audit Opinion

Topics: Auditor's report, Audit, Auditing Pages: 2 (540 words) Published: December 1, 2010
1. Summary of the report:
Qualified Opinion
 In our opinion, except for the effects of the adjustments on the financial statements, if any, as mentioned in the preceeding paragraph, the financial statements have been properly drawn up in accordance with IFRS and the Companies Act, 1965 so as to give a true and fair view of the financial position of the Group and of the Company as at 30 June 2009 and of their financial performance and the cash flows for the financial year then ended.

This is a qualified audit report.

2. The qualified audit opinion was based on two immaterial circumstances i.e. • one of the subsidiary’s books and records were destroyed by fire, • auditors of other subsidiaries did not allow the auditor of the group to have access to their files. Therefore my opinion on this company, base on the circumstances mentioned above will not be…………..

3. No, because there wasn’t any form of fraud (e.g. misappropriation of money, misuse of assets) were found during the audit.

4. Among other procedures the auditors performed were the following:

Auditors’ judgment; assessment of risks of material misstatement of the financial statements, whether due to fraud or error; consideration of internal controls relevant to the Company’s preparation and fair presentation of the financial statements; evaluation of the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the directors, as well as evaluating the overall presentation of the financial statements.

5. So that the audit will be performed with competency; professional care and with intergrity.

6. Unqualified audit opinion. The company obtains the unqualified opinion if its financial position (income statement), its financial performance and cash flow fairly presented in all material aspects (no fraud occurred, no breach of accounting policies, no misuse of assets etc.)

7. The auditor could be dismissed by the company (client) it was...
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