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Disclaimer of opinion: If scope limitations are so pervasive that the auditor is not able to render an opinion on the financial statements overall, a disclaimer of opinion is issued.
Competence: Any person who intends to practice as an auditor must be thoroughly trained and must prove his/her competence. In Kenya only members of ICPAK are allowed by law to practice as auditors.
Independence: An independent auditor is who cannot give biased opinion. Total independence is likely not to be achieved but independence is important.
Integrity: A person of high integrity is a person who is honest, discrete and tactful.
Adverse opinion: This is issued when the financial statements are materially misstated in the event that when taken as a whole.
Departure from GAAP: If the auditor determines that the financial statements generally are in accordance with GAAP except for a minor departure a qualified opinion is issued.
kevinnyabute answered the question on March 5, 2018 at 08:44
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