This guide was last updated in August 2021 and is based on the relevant laws and regulations that apply as at 1 August 2021.
This guide is designed to explain the main changes that are needed to the audit report when an auditor considers it necessary to issue a modified opinion on the financial statements due to a material misstatement in the financial statements. The example chosen to illustrate the amendments needed to a modified opinion is where there is a material deficiency in the information relating to related party transactions that is required to be disclosed by the financial reporting framework.
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