Acca aaa s21 Notes

Basis for Disclaimer of Opinion (extracts)
We were not appointed as auditors of the Company until [date] and thus did not observe the 
physical inventory counts at the beginning and end of the year...
In addition, the introduction of a new computerised system in [date] resulted in numerous 
errors in accounts receivable. As at the date of this report ...
September 2021 to June 2022 exams
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5. Material misstatement/‘except for’
Here is an example of a qualified opinion arising from a material misstatement about something in 
the financial statements. Here the problem is that no depreciation has been provided when it should 
have been. Note, where there is a material misstatement auditors will normally be able to quantify its 
extent and the effect on the profits and this is useful information for the primary users of the financial 
statements. Here the amount of depreciation in dispute is material, but the financial statements as a 
whole are presented fairly.
Qualified Opinion
We have audited ... 
In our opinion, except for the effects of the matter described in the 
Basis for Qualified Opinion
section of our report, the accompanying financial statements present fairly, in all material 
respects …
Basis for Qualified Opinion
The Company's property, plant and equipment is carried in the statement of financial position 
at $xxx. Management has not depreciated ... which constitutes a departure from IFRSs. The 
Company's records indicate that had management depreciated ..., the company would have 
recognised depreciation of $xxx in the statement of profit or loss ... The carrying amount... in the 
statement of financial position would have been reduced by the same amount ....