Qualified and Unmodified Opinion 

Qualified and Unmodified Opinion

Instructions/Descriptions

Summary

1. Plagiarism occurs if you use somebody else’s work in an assignment or exam answer, but fail to state where you got the material from. You need to be also very careful about the amount of words you are using from somebody else’s work.
2. It can happen in any type of assessment where you are given the questions or tasks in advance.
3. If another student uses your work in his/her answer(s), both you and he/she will be punished when caught.
4. Punishments for committing plagiarism can be very severe.

Details

Plagiarism is a form of cheating in which students use the work of others and present it as their own. It may include all or any one of the following –

1. Copy extensively from the work of others (from sources such as books, magazines, journal, web-sites etc) and submit the work as your own.
2. Copy another students’ work and submit it for assessment under your own name.
3. Allow another student to copy your work and then submit it for assessment under their own name.

NOTE:

Instructions to candidates:

1. Your submissions should be through Turnitin.
2. You should write your answers clearly and show relevant workings.
3. Use Times Roman / Arial font of 12 size, 1 ½ spacing.
4. Downloading information and pasting it in assignment is prohibited.
5. Plagiarism is an academic offence. Avoid plagiarism.

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Q1. Company X and Company Y are in same industry and have similar market capitalization and financial health. However, recent external audit report specified “unmodified opinion” for Company X and “qualified opinion” for Company Y. Based on the information, as an equity investor, which company you prefer to invest and why?

Explain your answer by referring to the divisions of ‘qualified opinion’ and ‘unmodified opinion’. Your answer should be justifying the reason why you decided to invest in such company?

Q2. A major decision facing every auditor is determining appropriate types and amounts of evidence to accumulate to be satisfied that the components of the client’s financial statements and the overall statements are fairly stated. This judgment is important because of the prohibitive cost of examining and evaluating all available evidence.

The auditor’s decisions on evidence accumulation can be broken down into the following four sub decisions:

1. Which audit procedures to use?
2. What sample size to select for a given procedure?
3. Which items to select from the population?
4. When to perform the procedures?

Critically discuss these four sub sections that are relevant for audit evidence.

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Qualified and Unmodified Opinion

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