ACCA考试P8模拟测试题及答案解析

　　Question：When auditors modify their audit opinion, they must give:

　　A. A speech at the annual general meeting so that the shareholders understand why the financial statements have been modified.

　　B. A discount from their audit fee.

　　C. Reference to any non-compliance with laws and regulations.

　　D. If possible, a quantification of the effects on the financial statements.

　　E. A full explanation of the reasons for modification.

　　The correct answers are: A full explanation of the reasons for modification; If possible, a quantification of the effects on the financial statements; Reference to any non-compliance with laws and regulations.

　　This detailed explanation should ensure that shareholders understand why the financial statements are qualified, so that there will be no need to give a speech at the annual general meeting, although auditors are entitled to speak at an AGM where matters affect them.

　　Lastly, there is no requirement to give a discount from the audit fee! This would suggest that the qualified audit opinion somehow rendered the auditors at fault, which is not at all the case, and also would be a bar to the independence of the auditors in giving the necessary qualified opinion.

　　Question：An unmodified audit opinion implies which of the following?

　　A. No errors or irregularities have been discovered by the auditor.

　　B. No errors or irregularities occurred during the accounting period.

　　C. The company has followed the provisions of international financial reporting standards.

　　D. None of the statements are correct.

　　The correct answer is: None of the statements are correct.

　　The report lends credibility to financial statements, but it does not give 100% assurance that all errors or irregularities have been identified or they were adjusted if discovered (materiality). It is not necessary that the company has followed the provisions of international financial reporting standards as the auditor may have concurred that a departure from these was necessary in order that a true and fair view was given.