Acca aaa s21 Notes

September 2021 to June 2022 exams
Watch free ACCA AAA lectures 
120

---

Only on 
OpenTuition
you can find: Free ACCA notes 
•
Free ACCA lectures 
•
Free ACCA tests 
•
Free ACCA tutor support 
•
The largest ACCA community
3. Example of insufficient appropriate audit evidence
Here is an example of a qualification due to insufficient appropriate audit evidence. Here the problem 
is material, but does not affect the financial statements as a whole and the report says the auditors are 
unable to determine the inventory quantities and then says in their opinion, except for the effects of 
such adjustments for inventory, if any, the financial statements are presented fairly.
Qualified Opinion (extract)
In our opinion, except for the possible effects of the matter described in the 
Basis for Qualified 
Opinion
section of our report, the financial statements present fairly, in all material respects...
Basis for Qualified Opinion (extract)
We were unable to obtain sufficient appropriate evidence about the carrying amount of 
inventories because we were unable to attend the count of physical inventories at 31 December 
20X1. Consequently, we were unable to determine whether any adjustments to this amount 
was necessary. 
4. Example of disclaimer of opinion
Here is a modified opinion arising from lack of sufficient appropriate audit evidence but which is 
leading to disclaimer of opinion because multiple elements of the financial statements are affected.
Disclaimer of Opinion (extract)
We do not express an opinion on the accompany financial statements. Because of the 
significance of the matter described in the 
Basis for Disclaimer of Opinion
section of our report, 
we have not be able to obtain sufficient appropriate audit evidence to provide a basis for an 
audit opinion on these financial statements.