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 Case 11: Answer
The draft audit repoft contains a disclaimer of audit opinion. According to ISA
705 Modifications to the Opinion in the Independent Auditor's Repot, a
disclaimer shouid be used when the auditor is unable to obtain sufficient
appropriate audit evidence on which to base the opinion, and where the possibie
effec[ on the financial statements of undetected misstatements could be both
material and pervasive.
The audit senior has produced this repot as a result of management restricting
access to necessary evidence, resulting in a lack of evidence to support the
capitalization of research and development costs as an intangible asset. The
senior is correct to identify that a management-imposed limitation on scope has
been imposed" The results of trials on the new drugs would be a crucial element
of necessary audit work, and without the results to demonstrate that the
development costs will lead to future economic benefit; it is not possible to
conclude that the accounting treatment is correct.
However, the management-imposed limitation has not been explained in the
audit repot. ISA 705 requires that when the auditor modifies the audit opinion, a
paragraph should be included in the audit report which describes the matter
giving nise to the modification. In this case the repoft should describe that
managernent did not allow access to the results of drug trials, and as a result of
this, the audit firm is unable to determine whether any adjustments are
necessary to the carrying value of the intangible asset.
The terms used in the Basis of Opinion paragraph are a little vague to fully
explain the situation, Development costs should be referred to rather than just
tintangible
assets' in order to specifically identify the type of asset concerned.
Reference could also be made to IAS 38 Intangible Assets as the relevant
financial repofting standard"
In addition, the potential impacE on the financial statements has not been
quantified. The paragraph should state that the asset is recognized on the
statement of financial position at $4'4 million, Also, reference to the materiality
of the item should be made, for example by stating that the asset equates to 8olo
of the total assets of Willis Co.
It is debatable whether a disclaimer of opinion is too harsh, It is clear from the
information that the intangible asset is material to the statement of flnancial
position, representing 8olo of total assets. So the audit opinion should at least be
qualified with an'except for'opinion. A disclaimer should only be used where the
auditor is unable to reach an opinion on the financial statements as a whole,
Possibly the audit senior has concluded that a disclaimer should be given due to
the materiality of the item in relation to Willis Co's profit" If any adjustment were
 found to be necessary in terms of writing off the development costs instead of
capitalizing them, the proflt for the year of $3'1 million would become a loss for
the year of $1'3 million. So the uncertainty over the treatment of the
development costs is extremely significant and is fundamental to users'
understanding of the financial statements as a whole.
The headings used in the repoft are not appropriately worded. ISA 705 requires
that the paragraph used to explain the reason for the modification should be
headed 'Basis for Disclaimer of Opinion'and should be presented immediately
above the opinion paragraph.
The opinion paragraph should be headed 'Disclaimer of Opinion'. The audit
opinion is not correctly worded. According to ISA 705, the opinion paragraph
should state:
a) Because of the significance of the matter(s) described in the Basis for
Disclaimer of Opinion paragraph, the auditor has not been able to obtain
sufficient appropriate audit evidence to provide a basis for an audit
opinion; and, accordingly,
b) The auditor does not express an opinion on the financial statements.
Finally, some of the wording used is not professional. It is [Link] refer
to management lacking integrity. Although this may be a valid concern of the
audit firm, it is not professional to mention this in the audit repoft. Also using the
phrase'we are worried that...' is not professional.
ii"
The audit firm must communicate with those charged with governance for two
reasons. Firstly, the fact that management has imposed a limitation on the work
of the audit firm should be brought to their attention, It is a specific requirement
of ISA 260 Communication with Those Charged with Governance, that significant
difficulties encountered during the audit be reported to those charged with
governance, of which a management-imposed limitation on scope is an example.
Secondly, whenever the auditor expects to modify the audit opinion, the
circumstances leading to the expected modification, and the expected wording of
the modification should be communicated to those charged with governance"
The firm should consider if alternative audit procedures may be available to gain
evidence as to the capitalization of the development cost. However, for drugs
being developed, the results of scientific tests and trials are crucial, and without
this evidence it is difficult to see how capitalization can be confirmed as the
correct accounting treatment.
2
The audit firm should also consider the integrity of management. It is extremely
unusual for management to impose a limitation on the work of auditors, as one
of the rights of the auditor is to have access to all necessary books and records.
The audit firm may wish to revisit representations made by management in light
of this apparent lack of integrity. The firm could also peform an engagement
quality review on the audit, due to the higher risk now attached to the
engagement.
Finally, the firm should consider withdrawing from the audit engagement as soon
as possible, in order to protect the integrity of the firm. A fufther consideration is
that according to ISA 210 Agreeing the Terms of Audit Engagements, one of the
pre-conditions that should be present in order to accept or continue an audit
engagement is that management acknowledges and understands its
responsibility to provide the auditor with access to all information relevant to the
preparation of the financial statements. Even if the audit firm completes the
current audit engagement, it should not be continued for the next financial year.
In the event of withdrawing from the audit engagement, the audit firm should
consider if the withdrawal, and the circumstances prompting the withdrawal,
need to be communicated with any regulatory authority. The audit firm may wish
to take legal advice to protect its position.
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 Case 12: Answer
Significant component
A significant component is defined in ISA 600 Special Considerations - Audits of
Group Financial Statements (Including the Work of Component Auditors) as a
component identified by the group audit engagement team that is of individual
significance to the group, Exuma Co meets the definition of a significant
component because it contributes 20olo of group profit before tax, and 23'5o/o of
group total assets" Exuma Co is therefore material to the group financial
statements"
Materiality of accounting issue
The legal case against Exuma Co involves a claim against the company of $2
million. This is material to the individual financial statements of Exuma Co as it
represents 50o/o of profit before tax, and 70o/o of total assets. The matter is also
material to the group financial statements, representing 10% of group profit
before tax, and 2'4o/o of group total assets.
Qualified Opinion - Exuma Co financial statements
Jalousie & Co has expressed a qualified opinion due to a material misstatement
regarding the accounting treatment of the court case. Management has treated
the matter as a contingent liability; as they believe that it is possible, but not
probable, that the court case will go against the company, but the auditors
believe that it should have been recognized as a provision according to IAS 37
Provisions, Contingent l-iabilities and Contingent Assets, Given the materiality of
the matter to the individual financial statements, this opinion seems appropriate
(rather than an adverse opinion), as long as the audit evidence concludes that a
provision is necessary, In other words, the audit evidence should indicate that it
is probable that the legal claim will give rise to an outflow of cash.
Review and discussion of audit work relating to the court case
Due to the significance of this matter, the audit work performed by Jalousie & Co
should be subject to review by the group audit engagement team. Specifically,
the evidence leading to the conclusion that a probable outflow of cash will occun
should be reviewed, and the matter should be discussed with the audit patner
responsible for the opinion on Exuma Co's financial statements. Evidence should
include copies of legal correspondence, a copy of the actual claim showing the
$2 million claimed against the company, and a written representation from
management detailing management's reason for believing that there is no
probable cash outflow.
Further a udit procedures
According to ISA 600, when a risk of material misstatement has been identified
in a component in which a component auditor has performed the audit work, the
group engagement team shall evaluate the appropriateness of any further audit
procedures being performed, and shall determine whether it is necessary to be
involved in the fufther audit procedures. Given the subjective nature of this
matter, the group engagement paftner may consider engaging an external
expeft to provide an opinion as to the probability of the couft case going against
Exuma Co.
Discussion with Nassau Group management
The matter should be discussed with the Group management team, and the
views of Group management as to whether a provision is necessary should be
sought and documented in a written representation. There should also be
discussion with management, and communication with those charged with
governance regarding the potential impact of the matter on the group audit
opinion, The impact depends on whether an adjustment is made in the individual
accounts of Exuma Co, on consolidation, or not made at all, as explained below:
Adjustment to Exuma Co financial statements
Exuma Co is a subsidiary of Nassau, and by definition is under the control of the
parent company. Therefore, management of Exuma Co can be asked to adjust
the financial statements to recognize a provision. If this happens, Jalousie & Co's
audit repoft can be redrafted as unqualified, and the group audit opinion will also
be unqualified.
Adjustment on consolidation
Even if Exuma Co's financial statements are not amended, an adjustment could
be made on consolidation of the group flnancial statements to include the
provision. In this case, the opinion on Exuma Co's financial statements would
remain qualified, but the group audit opinion would not be qualified as the
matter causing the material misstatement has been rectified"
No adjustment made
If no adjustment is made, either to Exuma Co's individual financial statements, or
as a consolidation adjustment in the group flnancial statements, and if the group
engagement paftner disagrees with this accounting treatment, then the group
audit opinion should be qualified due to a material misstatement. In this case, a
paragraph entitled Basis for Qualified Opinion should explain the reason for the
qualification, i.e, non-compliance with IAS 37, and should also quantify the
financial effect on the consolidated flnancial statements. Reference to the work
performed by a component auditor should not be nnade.