Greetings to you. I am a new member. I have questions on the auditors' opinion relation to the audit of the financial statements of a first time IFRS adopter. Below are the audit findings
The first time adopter has departed from the IFRS in the following
1. The accounting policy notes for the financial instruments are not as per IFRS 9
2. The accounting policy notes for the revenue are not as per IFRS 15
3. Accounting policy note is not included for related parties
4. The employee benefits is not calculated as per the requirements of IAS 19
5. The lease has not been measured as required by IFRS 16
6. The requirements of IFRS 1 are not complied with in that the retained earnings was not shown as retained earnings as per the previous GAAP add/less the first time IFRS adoption adjustments to arrive at the restated retained earnings balance at the opening statement of financial position
7. Other departures from IFRS 1 and other IFRS
My questions:
1. What should be the modifications to the auditors opinion as per IAS 705? I mean disagreement, scope limitation and adverse or except for
2. Please share the wordings of the opinion
Thank you.
CAclubindia
