Opinion
This query is : Resolved
05 December 2011
If an auditor has given adverse opinion or disclaimer of opinion then what would be the repercussion on the auditor.
If there is any guidance note...please also share that...
If there is any guidance note...please also share that...
14 December 2011
Disclaimer of audit means a situation where auditor is not in a position to express an opinion either due to non availability of audit evidence or where audit evidence obtained is not sufficient and appropriate. Further he can also give disclaimer of opinion when some limitation on his scope of audit is placed.
Adverse opinion is placed when there is a uncorrected misstatement which is material enough to negate the expression of qualified opinion.
to ensure that such power of auditor is not misused by him he should have sufficient evidence to justify the qualification expressed in his report.
Further Section 227(4) of Companies Act 1956 requires an auditor to state the reason for qualification. CARO also requires an auditor to state reasons under Paragraph 4 for any qualifications given in the audit report.
Adverse opinion is placed when there is a uncorrected misstatement which is material enough to negate the expression of qualified opinion.
to ensure that such power of auditor is not misused by him he should have sufficient evidence to justify the qualification expressed in his report.
Further Section 227(4) of Companies Act 1956 requires an auditor to state the reason for qualification. CARO also requires an auditor to state reasons under Paragraph 4 for any qualifications given in the audit report.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- House Property Reporting in ITR
- Internship/Academic shown in Salary Pay Slip of a Doctor
- TDS Claim year
- Liable to deduct tds and 44ADA
- TDS Challan Code
- Refund of 20%pre-deposit paid for stay application
- Rent lease agreement
- Nomination of Bank for refund in itr 2
- Section 56(2) of the Income tax Act 1961 , Gift to relative .
- SGST balance is there in credit ledger how to adjust for cgst
- GST Rate applicable for 0% Food Items sold by an Industrial Caterer
- Relief u/s Section 89
- SALE BILL AGAINST GOODS RETURN
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
