Follow Our FB Page << CircleMedia.in >> for Daily Laughter. We Post Funny, Viral, Comedy Videos, Memes, Vines...


an auditor gave his report and later he found an material
misstatement in the financial statements regarding the
period for which he gave report.now he is willing to change
his opinion.is it possible.

Answers were Sorted based on User's Feedback



an auditor gave his report and later he found an material misstatement in the financial statements..

Answer / aditya

IF THE ACCOUNTS HAVE NOT BEEN ADOPTED IN AGM, THE AUDITOR
HAS TO GIVE SUPERCEDING REPORT. THE SUPERCEDED REPORT
SHOULD CLEARLY MENTION WHY THERE WAS ANY CHANGE.BUT, HE
CANNOT WITHDRAW THE PREVIOUS REPORT.

Is This Answer Correct ?    3 Yes 0 No

an auditor gave his report and later he found an material misstatement in the financial statements..

Answer / latha

If once he gave the report, he is not suppose to change any
entries or he can not make any changes int he financial
statment.

but only given report means not a problem, still
finalisation he can adjust the entries by putting Journals,
but after preparation of Balance Sheet it is not possible,
Once it is signed & submitted means.....not possible.

if any adjustment or any new entries is there means, he can
taken into next period by showing O/s for that year.

Overall view we can say, in some cases changeing opinion
can be submitt, or in someother cases it can not be so easy

Is This Answer Correct ?    2 Yes 0 No

Post New Answer

More Audit Interview Questions

How will u handle accounts receivable?

20 Answers   Ask Agro Chemicals, Genpact, State Bank Of India SBI, Wipro,


whether an independant auditor can increase his fees in properitory firm according to turnover.

1 Answers   MAHINDRA,


what is accounting

2 Answers   Fidelity,


What are the basic steps to be taken by an auditor in order to express an opinion on client’s financial statements.

1 Answers  


what do you mean by documentation

3 Answers  






What is Asset Revaluation? and when it is required?

3 Answers   UBS,


hi friend i have selected in ssc cgle as accountant in audit department. can anyone tell about the work of accountant in audit department?

0 Answers  


We are non excise registration Manufacturer want export to dubai & material received from excise registration manufacturer they are mention excise duty on my bill but we are not getting modvat because of non registration then what we will do that they are not liable to me excise duty on bill

1 Answers  


what is audit

6 Answers  


What are your outside interests?

1 Answers   Cisco, Ernst Young, LIC, SEBI,


is we can avail credit of service tax paid on telephone bill.if yes these credit can be availed from any other head(for eg consultancy service)

3 Answers  


Hi Friends! Pls clear my doubt.... Is there any changes made in TDS rate for the A.Y. 2012-13?

1 Answers   Infosys,






Categories