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Internal Controls

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User Generated

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avrx

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Business Finance

Description

Compare the opinion provided by the independent auditor concerning management’s assessment of internal controls over the financial reporting system with the audit opinion on the financial statements. In general, we understand that the two opinions can be different. The auditor can express an unqualified opinion on the financial statements and a qualified opinion on the internal controls over financial reporting. Refer to the auditing standards No. 5 of the PCAOB. Explain the circumstances surrounding the decision of the auditors to express two different opinions.

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Explanation & Answer

Attached.

1
Internal Controls
When an independent auditor is required to provide opinion regarding the management’s
assessment of internal controls over financial reporting and on the financial statements, the two
opinions can end up being different. According to the auditing standards No.5 of the PCAOB,
various circumstances can surround the auditor’s decision to express two different opinions when
auditing the financial statements of a company.
One circumstance is when the audit is conducted on comparative financial statements like
prior-year and curre...

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