2015-08-21
712
Disclaimer of opinion; legal entity; assurance service; to rely on auditor’s report; to improve public appearance; to be free of material misstatement; in layman’s terms; scope paragraph; opinion paragraph; explanatory paragraph; performance; introductory paragraph; to identify the responsibilities of the auditor and the auditee; single deviation from GAAP; not to conform with GAAP; limitation of scope; an adverse opinion; substantial doubt; to reject an auditee’s financial statements.
II. Find in the text English equivalents to the following words and word combinations. Make sentences of your own with these phrases.
Об’єкт аудиторської перевірки; незалежний зовнішній аудитор; залучати інвесторів; звіт незалежного аудитора; безумовно позитивна думка; пункт (в аудиторському висновку) із зазначенням масштабів проведеної аудиторської перевірки; умовно-позитивна думка; негативний висновок аудиторів; відмова про надання аудиторського висновку; значний масштаб обмежень.
III. Answer the following questions.
1. What is an auditor’s report? What is its purpose?
2. What information does standard auditor’s report contain?
3. What do all auditor’s reports have in common?
4. What are the main types of auditor’s reports?
5. When is Unqualified Opinion report issued? Why is it considered to be the best type of report? What parts does it consist of?
6. What is the distinction between Unqualified and Qualified opinion reports? In what situation Qualified Opinion report can be issued?
7. When is Adverse Opinion report issued?
8. In what circumstances can an auditor issue a Disclaimer of Opinion report?
9. Explain the difference between Adverse Opinion and Disclaimer of Opinion? What features do they have in common?
10. What type of opinion could be expressed when an auditor has significant limitations in obtaining enough/sufficient evidence on company performance?
11. If an auditor is not independent with respect to a client, what type of opinion must be issued? Why?
