Comments on: F8 Revision http://www.accarevision.co.uk/f8-revision/ LSBF ACCA Revision Course – Special offers from LSBF for ACCA students Thu, 14 May 2009 07:00:29 +0000 hourly 1 http://wordpress.org/?v=3.6 By: Tewabech http://www.accarevision.co.uk/f8-revision/comment-page-1/#comment-70 Tewabech Tue, 12 May 2009 07:47:58 +0000 http://www.accarevision.co.uk/?p=143#comment-70 A qualified auditor :

1.The one who have a professional qualification to be an auditor or to act as auditor.
2.The one who is the members of processional supervisory body like ACCA.
3.The one who is assigned by regulatory body like state

The main objectives of an auditor is to form an opinion on the financial statement weather that is prepared fairly and truly. and reflect the fair and true views of the financial position of the company.An auditor should not predict in advance to produce an qualified audit report.rather that should be depends on the audit finding

]]> By: Mezbah U Ahmed http://www.accarevision.co.uk/f8-revision/comment-page-1/#comment-49 Mezbah U Ahmed Fri, 08 May 2009 02:17:44 +0000 http://www.accarevision.co.uk/?p=143#comment-49 Auditor want to be qualified as an auditor (!) because this may be a job requirement to act as an internal auditor or compulsory requirement to act as an external auditor.

Auditor may want to be unqualified while he is qualified as an auditor (!) in forming an opinion on financial statements he reviewed or control systems he checked. Unqualified opinion means financial statements he checked giving a true and fair view or control systems are working properly.

]]> By: Kodwo Armah http://www.accarevision.co.uk/f8-revision/comment-page-1/#comment-22 Kodwo Armah Sun, 03 May 2009 09:02:30 +0000 http://www.accarevision.co.uk/?p=143#comment-22 A Qualified Auditor:
It is only a qualified person/firm that can act as an auditor. Hence restrictions are put in place to ensure audits are done by persons with suitable qualification and experience. A member (an individual or a firm) of a Recognized Supervisory Body e.g. ACCA and allowed by the rules of that body to be an auditor or someone directly authorized by the state is qualified to act as an auditor.
The Auditor’s Main Objective:
The auditor’s main objective in carrying out an external audit is to express an opinion whether the Financial Statements are prepared, in all material respects, in accordance with an identified Financial Reporting Framework.

Unqualified Audit opinion:
If the statement that “in our opinion the financial statements give a true and fair view” is given as an audit opinion then the audit is unqualified. This opinion is what most external auditors seek to give (as per their main objective) unless potential problems are identified and dealt with ahead of the release of the financial statements.

Conclusion:
An auditor needs to be qualified to carry out external audit work in order to give an unqualified opinion on a set of financial statements.

]]>