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List and briefly explain the qualifications available to the auditor in drafting his audit report stating the circumstance in which each qualification is appropriate. Give...

Financial accounting, auditing

Answers

KevinNyabute
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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