I went through my study text for audit reports and it says the following below for an Adverse opinion and a Qualified opinion due to a misstatement.
Effect of an Adverse Opinion on the Auditor's Report
A. No effect on the introductory paragraph or management's responsibility section.
B. Auditor's responsibility section—modify the last sentence to state, “We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our adverse audit opinion.”
C. Add a “Basis for Adverse Opinion” paragraph (with such a label) before the opinion paragraph. The auditor should include a description and quantification of the financial effects of the misstatement (when practicable); likewise, the auditor should include the omitted information (when practicable).
D. Express the adverse opinion using appropriate language such as: “In our opinion, because of the significance of the matter discussed in the Basis for Adverse Opinion paragraph, the financial statements referred to above do not present fairly . . .” and label the opinion paragraph “Adverse Opinion.”
Effect of a Qualification for a Misstatement on the Auditor's Report
A. No effect on the introductory paragraph or management's responsibility section
B. Auditor's responsibility section—modify the last sentence to state, “We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified audit opinion.”
C. Add a “Basis for Qualified Opinion” paragraph (with such a label) before the opinion paragraph. The auditor should include a description and quantification of the financial effects of the misstatement (when practicable); likewise, the auditor should include the omitted information (when practicable).
D. Qualify the opinion using appropriate language such as: “In our opinion, except for the effects of the matter described in the Basis for Qualified Opinion paragraph, the financial statements referred to above present fairly . . .” and label the opinion paragraph “Qualified Opinion.”
AUD -
NINJA in Training
BEC - NINJA in Training
FAR - NINJA in Training
REG - NINJA in Training
AUD - 1/6/18
FAR - TBD
REG - TBD
BEC - TBD
AUD - 73, 72 retake 7/2/2016
BEC - 8/20/2016
REG - TBD
FAR - TBD
I am so ready for this nightmare to be over. Been at this way too long.