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A. How does one audit opinion differentiate itself from another?
It notes that many financial enterprises have sought state support within a short period of receiving unqualified audit opinion.
Virtually every audit opinion in the world says almost the same thing, with no details about the company being audited.
But other Tyco disclosures, which didn't require an audit opinion, were considered materially misleading.
Ernst's audit opinion does not say, which is no surprise.
Students work in teams to "assemble" the wording of the audit opinion for a given fact scenario.
It did not once qualify its audit opinion, complacently signing off the directors' increasingly fantastical figures.
In the Companies House filing for ASL, Ernst & Young states: "We have not been able to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion".
That proposal is not expected to require the audit partner to sign the audit opinion, as is done in many countries, but to require disclosure of his or her name in the company's annual report.
Therefore, I am qualifying my audit opinion".
The practical aspects of the audit are not just performed by the engagement partner who signs the audit opinion.
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CEO of Professional Science Editing for Scientists @ prosciediting.com