[AUD] Qualified Adverse Disclaimer modified reports summary table

 

Qualified_FS issue(wrong)						Qualified_Audit issue(scope limitation)
NP			Issuers			NP			Issuers
O	audit FS X company		O	audit FS of X compnay		O	audit FS of X company		O	audit FS of X company
	in our opinion	except for discribed in B		in our opinion	except for ~ following par		in our opinion	except for the possible effects		in our opinion	except for the effects of the adjustments
					+add describ						+add describ
B		+add describ	B	Mgt res for FS	No change	B		+add describ	B	Mgt res for FS	No change
	audit accordance w GAAS			auditor res express op			audit accordance w GAAS			auditor res express op
	refer to A section			registed w PCAOB, independent			refer to A section			registed w PCAOB, independent
	independent, ethical			followed PCAOB			independent, ethical			followed PCAOB
	sufficient appropriate	Qualified op		reasonable assurance			sufficient appropriate	Qualified op		reasonable asseurance
M	FS(GAAP)	No change		assess risk of MM		M	FS(GAAP)	No change		assess risk of MM
	internal control			examing test basis			internal control			examing test basis
	going concern			evaluate accouting principles, estimate, ovrall presentation			going concern			evaluate accounting priciples, estimate, overall presentation
A	reasonable assurance	No change	C	Define CAM	No change	A	reasonahble assurance	No change	C	Define CAM
	provide an opinion			Identify CAM			provide an opinion			Identify CAM
	GAAS, fraud, MM						GAAs, fraud, MM
	professional judgment, assess risk of MM(test) base						professional judgment, assess risk of MM(test) base
	understanding IC						understanding IC
	appropriate accounting policy & estimate						appropriate accounting policy & estimate
	going concern						going concern

* Critical audit matter

  Identification of the CAM

  Principal considerations that led to determine that the matter was CAM

  how the CAM was Addressd in the audit

  refer FS or Disclosure

 

* Qualification and CAM

  Issuer Q(wrong gaap) > critical audit matter + departure F GAAP

  Issuer Q(scope limitation)> critical audit matter + define & describe the Material Weakness

 

Adverse						Disclamier
NP			Issuers			NP			Issuers
O	audit FS X company		O	audit FS of X compnay		O	audit FS of X company	we were engaged to	O	audit FS of X company	we were engaged to
	in our opinion	becuase of B do not present fairly		in our opinion	because of following par do not present fairly		in our opinion	do not express an opinion		in our opinion	+add describ
					+add describ
B		+add describ	B	Mgt res for FS	No change	B		+add describ	B	Mgt res for FS
	audit accordance w GAAS			auditor res express op			audit accordance w GAAS			auditor res express op	delete
	refer to A section			registed w PCAOB, independent			refer to A section	delete		registed w PCAOB, independent
	independent, ethical			followed PCAOB			independent, ethical			followed PCAOB	delete
	sufficient appropriate	adverse		reasonable assurance			sufficient appropriate	delete		reasonable asseurance	delete
M	FS(GAAP)	No change		assess risk of MM		M	FS(GAAP)	No change		assess risk of MM	delete
	internal control			examing test basis			internal control			examing test basis	delete
	going concern			evaluate accouting principles, estimate, ovrall presentation			going concern			evaluate accounting priciples, estimate, overall presentation	delete
A	reasonable assurance	No change	C	Define CAM	delete	A	reasonahble assurance	delete scope	C	Define CAM	delete
	provide an opinion			Identify CAM			provide an opinion			Identify CAM
	GAAS, fraud, MM						GAAS, fraud, MM
	professional judgment, assess risk of MM(test) base						professional judgment, assess risk of MM(test) base	delete
	understanding IC						understanding IC	delete
	appropriate accounting policy & estimate						appropriate accounting policy & estimate	because of matters described in B not able to obtain sufficient appropriate audit evidence
	going concern						going concern	delete

 

Non-Issuer, Basis + describe

Basis for Adverse opinion

a. nature of the diviation from GAAP

b. amount of the misstatement

c. We believe~ our Adverse audit opinion

 

Basis for Disclaimer of opinion

a. nature of the restricted audit procedures

b. impact on the FS due to scope limitation

 

nature of the departure from GAAP in the CPA's report

and state the effects on the financial statements, if practicable

 

Quality_ Audit issue( scope limitation)

unable to obtain FS

Lack of appropriate audit evidence

restriction of the scope of an audit

mgt refuses to allow the auditor to contact legal counsel

mgt refuses to be responsible for FS

 

Quality_FS issue

not provide reasonable justification for a change in an accounting principle (justify > UQ+EM)

FS does not adequately disclose litigation, probable to result in material loss

FS + IS only, no CF

 

mentioned explicitly

in accordance with GAAP in the USA

 

mentioned implicitly

consistent applicaiton of GAAP