Professional Documents
Culture Documents
(PSA 705)
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TABLE OF CONTENTS
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Material and
Pervasive
Qualified
Adverse Opinion
Qualified
Qualified
Resign, if appropriate or
Disclaimer of opinion
Disclaimer of opinion
N/A
Disclaimer of opinion
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Disclaimer of Opinion
We were engaged to audit the accompanying financial statements of ABC
Company
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Disclaimer of Opinion
Our responsibility is to express an opinion on the financial statements based on
conducting the audit in accordance with PSAs. Because of the matter(s) described
in the Basis for Disclaimer of Opinion paragraph, however, we were not able to
obtain SAAE to provide a basis for an audit opinion.
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Opinion Paragraph
Qualified Opinion except for
Adverse do not present fairly
Disclaimer of Opinion auditor does not express an opinion
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Start
Has
management
made an
assessment
and covered
the
appropriate
period?
Evaluate
managements
assessment
Identify
Agree
A
Manageme
nt
agree/refus
e?
Refuse
Qualified
or
Disclaimer
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Material
uncertainty
Yes
No
No
Request
management to
make or extend
assessment
Is there events or
conditions that
may cast
significant doubt
on the entitys
ability to continue
as going concern?
Going
concern
assumptio
n
appropriate
?
No
Yes
FS
prepared
by
manageme
nt based
on going
concern?
No
Multiple material
uncertainties that are
significant to FS
Disclaimer
(Rare)
Yes
Yes
Adequate
disclosure
in FS?
No
EOM
(May)
Yes
No
Adverse
Qualified or
Adverse
EOM
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Opinion
No SAAE as precluded by
management or TCWG
No SAAE imposed by
circumstances
Contains material misstatement
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Qualified or Disclaimer
Evaluate effect on audit report
Qualified or Adverse
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QUESTIONS?
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