Harmonization of the international auditing standards has moved at a slower pace than the harmonization of financial reporting standards. The International Auditing and Assurance Standards Board (IAASB) issues International Standards on Auditing (ISA), which govern the practice of auditing and financial statement attestation internationally.
Respond to the following question from your course text. Your paper should be no less than 300 words and no longer than 500 words and be compliant with all APA composition and referencing requirements.
Chapter 14 Question
ISA 700 describes three types of audit opinions that can be expressed by the auditor when an unqualified opinion is not appropriate: qualified, adverse, and disclaimer of opinion.
What are the circumstances under which each of the above three opinions should be expressed? ISA 700 is accessible from the International Federation of Accountants (IFAC) Web site (link given in the resources).
Your paper should meet the following requirements:
- Written communication: Written communication is free of errors that detract from the overall message.
- APA formatting: Resources and citations are formatted according to current APA style and formatting.
- Length of paper: 300â€“500 typed, double-spaced pages.
- Font and font size: Times New Roman, 12 point.