Auditing: Forming an Opinion

by Wayne Bartlett

One of the most important parts of the auditing process is the final opinion issued on the financial statements. Sometimes, that's all that stakeholders need to see. However, providing an opinion may not be straightforward. This course guides you through the process of forming an opinion.

price £75+vat
cpd hours 4 CPD hours
access 120 days' access

This course will enable you to

  • Define the objective for an audit
  • Take action when the financial statements aren't fairly presented
  • Recognise the situations that require a modified opinion and identify the appropriate type of modified opinion to provide

About the course

One of the most important parts of the auditing process is the final opinion issued on the financial statements. Stakeholders rely on the auditor’s opinion. They want to know if the financial statements or reports accurately reflect the financial transactions and balances.

Straightforward though this objective may seem, it is also a process fraught with risk. Giving a misleading opinion may have serious consequences – both for the auditor and for many of the stakeholders. In this course, you will analyse the factors that should be considered when arriving at an audit opinion. It also covers the different types of audit opinion, when to use them, and the strategic implications of each one.

Look inside

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Contents

  • Forming an opinion
    • The auditor's job
    • The prime objective
    • Financial statements in the context of ISA 700
    • Special purpose frameworks
    • What the auditor is trying to achieve
    • Quality assurance
    • The importance of quality assurance
  • The format of the report and unmodified opinions
    • Strong opinions
    • The financial statements aren't fairly presented
    • The format of the audit report
    • ISA 700 and the audit opinion
    • A point to emphasise
    • The emphasis of matter paragraph
  • Modified opinions
    • Modified opinions
    • Modified opinions in the audit report
    • Appropriate modifications
    • Modified opinions
    • Limited audit
    • When management imposes limitations on the audit
  • Audit opinion modifications in more detail
    • The qualified opinion
    • The adverse opinion
    • Which opinion?
    • The disclaimer of opinion
    • The importance of ISA 701
    • ISA 701 and modified audit opinions

How it works

Author

Wayne Bartlett

Wayne is an internationally acclaimed speaker and trainer on all aspects of public and private sector accounting and auditing standards. He has been instrumental in helping to develop the profession internationally and has taken lead roles in the development of new professional bodies and the accounting profession in Mozambique and Rwanda, and been extensively involved in developing financial reporting in many countries across the globe.

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Access to this course
Total CPD unitshourshours4 unitshourshours21 units20 hours21 hours800+ unitshourshours800+ unitshourshours
Access period120 days120 days12 months12+ months
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