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 limitation on the scope of the audit. The example chosen to illustrate the amendments needed to an unmodified opinion is where the auditor was appointed after the date of the inventory count and cannot obtain sufficient, appropriate audit evidence about the existence and condition of inventory by alternative means.
Note to users
The following ICAEW guides and articles may also be helpful:
- 2020/21 reporting season: a reminder of the changes to audit reporting wording
- Audit reports - overview
- Guide for auditors on reporting on irregularities, including fraud
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