Hello I would like to discuss how to assign an audit opinion given various circumstances. Thank you.
Hello I would like to discuss how to assign an audit opinion given various circumstances. Thank you.
The audit opinion can be assigned through issuance of audit report by the auditor. There are basically two types of opinions issued by an auditor based on various circumstances such as :-
1) Unmodified Opinion
It is issued by the auditor when he is satisfied that the financial statements present a true and fair view of the operations and transactions in an enterprise during the period. This report signifies clean report.
2) Modified Opinion
It is issued by the auditor when he is unable to obtain sufficient and appropriate audit evidence to conclude that the financial statements are free from material misstatements and present a true and fair view.
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