1. a) Explain the options available to the auditor if they wish to qualify their audit report.

b) If the audit report refers to a fundamental uncertainty or contains an emphasis of matter does this count as a “qualified” audit report?

2. Would the interests of users of financial statements be better served if statutory auditors’ “management letters” to their clients were made available, as well as their Audit Report on the financial statements?

3. Regulators have been proposing and/or introducing rules regarding competitive audit tenders and/or auditor rotation, particularly for listed companies.

1. Summarise the measures that have been proposed and/or introduced by regulatory authorities to address statutory auditor tenure
2. Do you consider that rotation and/or competitive tenders for statutory auditors should be mandatory? Give arguments to support your opinion.

Answer rating: 100% (QA)

a Qualified Audit Report A qualified report means an audit report which is not clean In case auditor ... View the full answer