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May 26, 2008
カテゴリ： ハワイのＣＰＡ受験
Modified Unqualified Opinion
- Opinion based, in part, on the report of another auditor
- Unusual circumstances require a departure from GAAP
- Uncertainties (may lead to a disclaimer)
- Substantial doubt about ability to continue as a going concern (may lead to a disclaimer)
- Inconsistency in application of GAAP
- Certain circumstances affecting comparative statements
- Required quarterly data for SEC-reporting companies
- Other information in documents with audited financial statements
- Emphasis of a matter; for example, related party transactions or a lawsuit
- Use of special industry terms/titles
- Specialized industry supplemental data included/excluded
- Report reissued
GAAP Problems
GAAP Violation
Material; qualified except for
Very material; adverse
Inconsistent GAAP application
Justified; Modified unqualified
Unjustified; qualified except for
Qualified except for opinion
Same intro
Same scope
Explanatory paragraph
Opinion; except for ~ present fairly
Adverse opinion
Same intro
Same scope
Middle paragraph
Opinion; because of ~ do not present fairly
Modified Unqualified Opinion; Inconsistency Justified
Same intro
Same scope
Same opinion
Explanatory; As discussed in Note X to the financial statements, X Company changed its method of computing depreciation in 2007.
GAAS Problems
Scope limitation
Material; Qualified except for opinion
Very material; Disclaimer
Going Concern
Material; Modified unqualified opinion
Very material; Disclaimer
Material; Disclaimer
Very material; Disclaimer
Unaudited disclaimer for a Publicly Held Company; Procedures required when associated with financial statements; read it for obvious errors.
No obvious errors; write report, “unaudited” and “no opinion expressed.”
Obvious error that the client refuses to correct; add a paragraph to the report.
Omission of footnotes and or the statement of cash flows ;
“For management use only”
Not give the financial statements to anyone outside of management.
The report indicates that the financial statements are for the internal use of management only.
Disclaimer
Uncertainty
We were engaged ~ .
No scope
The principal assets of A ~ at cost of $XXXXX. The A’s ability to recover the cost of those investments is dependent on the success ~.
Because of the significance of the matter described in the preceding paragraph, we are unable to express, and we do not express, and opinion ~.
Scope limitation
We ware engaged ~ .
No scope
Explanatory
Since ~ the scope of our work was not sufficient to enable us to express, and we do not express, an opinion ~ .
Going concern; modified unqualified opinion
Same intro
Same scope
In our opinion, ~ present fairly~ the company will continue as a going concern.
As discussed in Note X to the financial statements, ~ which raise substantial doubt about its ability to continue as a going concern. ~.
Not independent
No intro
No scope
We are not independent with ~ , not audited by us and, accordingly, we do not express an opinion on them.
- Unusual circumstances require a departure from GAAP
- Uncertainties (may lead to a disclaimer)
- Substantial doubt about ability to continue as a going concern (may lead to a disclaimer)
- Inconsistency in application of GAAP
- Certain circumstances affecting comparative statements
- Required quarterly data for SEC-reporting companies
- Other information in documents with audited financial statements
- Emphasis of a matter; for example, related party transactions or a lawsuit
- Use of special industry terms/titles
- Specialized industry supplemental data included/excluded
- Report reissued
GAAP Problems
GAAP Violation
Material; qualified except for
Very material; adverse
Inconsistent GAAP application
Justified; Modified unqualified
Unjustified; qualified except for
Qualified except for opinion
Same intro
Same scope
Explanatory paragraph
Opinion; except for ~ present fairly
Adverse opinion
Same intro
Same scope
Middle paragraph
Opinion; because of ~ do not present fairly
Modified Unqualified Opinion; Inconsistency Justified
Same intro
Same scope
Same opinion
Explanatory; As discussed in Note X to the financial statements, X Company changed its method of computing depreciation in 2007.
GAAS Problems
Scope limitation
Material; Qualified except for opinion
Very material; Disclaimer
Going Concern
Material; Modified unqualified opinion
Very material; Disclaimer
Material; Disclaimer
Very material; Disclaimer
Unaudited disclaimer for a Publicly Held Company; Procedures required when associated with financial statements; read it for obvious errors.
No obvious errors; write report, “unaudited” and “no opinion expressed.”
Obvious error that the client refuses to correct; add a paragraph to the report.
Omission of footnotes and or the statement of cash flows ;
“For management use only”
Not give the financial statements to anyone outside of management.
The report indicates that the financial statements are for the internal use of management only.
Disclaimer
Uncertainty
We were engaged ~ .
No scope
The principal assets of A ~ at cost of $XXXXX. The A’s ability to recover the cost of those investments is dependent on the success ~.
Because of the significance of the matter described in the preceding paragraph, we are unable to express, and we do not express, and opinion ~.
Scope limitation
We ware engaged ~ .
No scope
Explanatory
Since ~ the scope of our work was not sufficient to enable us to express, and we do not express, an opinion ~ .
Going concern; modified unqualified opinion
Same intro
Same scope
In our opinion, ~ present fairly~ the company will continue as a going concern.
As discussed in Note X to the financial statements, ~ which raise substantial doubt about its ability to continue as a going concern. ~.
Not independent
No intro
No scope
We are not independent with ~ , not audited by us and, accordingly, we do not express an opinion on them.
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May 27, 2008 04:50:30 AM
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