In a situation where there is a justified departure from a promulgated accounting principle that is adequately disclosed, how will the auditor modify the standard report?

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19-08-2022
Social Studies

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In a situation where there is a justified departure from a promulgated accounting principle that is adequately disclosed, how will the auditor modify the standard report?

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Yakavi Yakavi · Answer 1 · 2022-08-23T19:14:32+02:00

When an auditor encounters a situation where there is a justified departure from a promulgated accounting principle that is adequately disclosed, he can modify the standard report by adding an emphasis-of-matter paragraph after the opinion paragraph.

An emphasis-of-matter paragraph is added in cases where the financial statements have been prepared under two financial reporting frameworks. Through this paragraph, the auditor can point out the disclosure in respect of the extent of compliance with the framework. The inclusion of this paragraph after the opinion paragraph does not affect the auditor's opinion. This paragraph only talks about the matters that have already been disclosed in the financial statements.

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