TaxTMI 
TaxTMI 
TaxTMI 
Audit report - qualified and disclaimer of opinion
X X X X Extracts X X X X
X X X X Extracts X X X X
....udit report - qualified and disclaimer of opinion<br> Query (Issue) Started By: - Bijay Shrestha Dated:- 2-4-2017 Last Reply Date:- 22-5-2017 Accounting - Auditing<br>Got 4 Replies<br>Companies Law<br>Dear Friends, Can an Auditor give both Qualified Opinion and Disclaimer of Opinion in the same Audit Report ? Actually the Auditor wants to give qualified opinion in some area and for some other ar....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ea he couldnot get the enough evidence, thats why he wants to give disclaimer also. Reply By MARIAPPAN GOVINDARAJAN: The Reply: In an audit report there shall be no disclaimer clause. If it is so then there is no purpose of audit. If he could not get enough evidence he should record it in writing as to what steps he has taken to collect evidence and what are the reasons he could not be able to c....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ollect the same. Reply By Ganeshan Kalyani: The Reply: Opinion can have a disclaimer clause but not an audit report. Reply By KASTURI SETHI: The Reply: No CA or CA firm can escape their responsibility by way of disclaimer clause. CA/CA firm cannot take shelter of clause 'Whatever records produced before me ______________'. There are case laws on this issue. Reply By CA GOPALJI AGRAWA....
X X X X Extracts X X X X
X X X X Extracts X X X X
....L: The Reply: The Auditors's opinion can be modified in three ways (which are mutually exclusive) as well covered under Standard on Auditing 705 - Modification in an Independent Auditors Report. These are 1. Qualified - When there is a material misstatement with regard to an item or number of items in financial statements having limited impact on the financial statements as a whole. 2. Adve....
X X X X Extracts X X X X
X X X X Extracts X X X X
....rse - When these material impacts are not limited but pervasive. 3. Disclaimer - When the auditor is unable to form the opinion due to lack of sufficient and appropriate audit evidences required to form the opinion. Please refer three Standards on Auditing issued by ICAI and also mandatory under Companies Act 2013 which are 700, 705 & 706 for detailed study or share your full facts to enable me ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....to form my considered view.<br> Discussion Forum - Knowledge Sharing ....