Question
Which of the following is not a type of modified
opinion? Read the following passage and answer the next 4 question (Q23-Q26) The purpose of an audit is to enhance the degree of confidence of intended users of the financial statements. The aforesaid purpose is achieved by the expression of an independent reporting by the auditor as to whether the financial statements exhibit a true and fair view of the affairs of the entity. Thus, an audit report is an opinion drawn on the entity’s financial statements to make sure that the records are true and fair representation of the transactions they claim to represent. This involves considering whether the financial statements have been prepared in accordance with an acceptable financial reporting framework applicable to the entity under audit. It is also necessary to consider whether the financial statements comply with the relevant statutory requirements. The main users of audit report are shareholders, members and all other stakeholders of the company. SA 700 (Revised) - “Forming an Opinion and Reporting on Financial Statements”, deals with the auditor’s responsibility to form an opinion on the financial statements. It also deals with the form and content of the auditor’s report issued as a result of an audit of financial statementsSolution
The auditors’ opinion can be modified or unmodified. · Unmodified opinion – The opinion expressed by the auditor when the auditor concludes that the financial statements are prepared, in all material respects, in accordance with the applicable financial reporting framework. · Modified opinion – if the auditor concludes that based on the audit evidence obtained, that financial statements as a whole are not free from material misstatement or is unable to obtain sufficient appropriate audit evidence to conclude that financial statements as a whole are free from material misstatement. The modified opinion can be of various types – qualified opinion, adverse opinion or disclaimer of opinion. 
A man first travels 140 km at 70 km/hr and next 140 km at 35 km/hr. The average speed for the first 280 km of his travelling is:
In a 500-metre race, ‘A’ beats ‘B’ by 10 seconds or 50 metres. Find the time taken by ‘B’ to finish the race.
The combined cost price and marked price of Watch 'A' amounts to Rs. 11,000, while for Watch 'B', the total is Rs. 13,400. Watch 'A' is marked 20% above...
- P' travelled from Delhi to Agra, covering a total distance of 396 km. For the initial three hours, he maintained an average speed of ‘a’ km/h. After th...
A was travelling from point X to point Y. He increased his speed by 18 km/h after every hour. He reached his destination in 20 hours. If his initial spe...
Anju's journey comprises three segments. He travels the first 'd - 30' km at a speed of 12 km/h, the next 'd' km at a speed of 30 km/h, and finally, she...
‘A’ and ‘B’ started moving towards each other at same time with a speed of 15 km/hr and 10 km/hr, respectively. If the di...
Two trains depart from the same station. The first train departs at 8:00 A.M., traveling at a speed of 60 km/h. Two hours later, at 10:00 A.M., the seco...
A man travelled a total distance of 350 km. He travelled first 200 km on car with a speed of 20 km/h and rest of the distance on bike whose speed is 5 k...
A train is travelling at the rate of 54 km/hr. How many seconds it will take to cover a distance of 3/5 km?
