Accounting · Audit Reports going concern
The directors of a company agree to include adequate going concern disclosures while continuing to use the going concern basis of accounting. The auditor agrees that the going concern basis is appropriate and the disclosures are correct. Which form of audit opinion and report disclosure is appropriate?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Adverse opinion; describe the uncertainty in the 'Basis for Qualified Opinion' section
- 2Qualified opinion; describe the uncertainty in the 'Basis for Adverse Opinion' section
- 3Unmodified opinion; describe the nature of the going concern uncertainty in the 'Material Uncertainty Related to Going Concern' section✓
- 4Disclaimer of opinion; describe the uncertainty in the 'Material Uncertainty Related to Going Concern' section
Correct answer
Unmodified opinion; describe the nature of the going concern uncertainty in the 'Material Uncertainty Related to Going Concern' section
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