Qualified Opinions on Financial Statements in Various Situations

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By Taxmann
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Last Updated on 29 March, 2024

SA 705, Modifications to the opinion in the independent auditor’s report, states that the auditor shall express a qualified opinion when the auditor has obtained sufficient appropriate audit evidence, and concludes that misstatements, individually or in the aggregate, are material, but not pervasive, to the financial statements or when the auditor is unable to obtain sufficient appropriate audit evidence on which to base the opinion and the auditor concludes that the possible effects on the financial statements of undetected misstatements if any could be material but not pervasive.

In this story, the illustrative scenarios where an auditor can express a qualified opinion are discussed in detail.

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