Question：You are the auditor of XYZ Co. The directors have adopted an inventory valuation policy that does not comply with IAS 2 Inventorieson the grounds that the method used is more appropriate given the nature of their inventory. You are in complete agreement with the directors. The reasons for departure from the standard are fully disclosed in the notes to the accounts, together with a quantification of the effect of the departure which is material.
What should you include in your report?
A. Unmodified opinion but an emphasis of matter paragraph should be included.
B. No mention of the departure.
C. An 'except for' qualified opinion and a reference to the relevant note to the accounts.
D. An 'except for' qualified opinion and an explanatory paragraph.
The correct answer is: No mention of the departure.
As the reason for the departure is to improve the truth and fairness of the accounts there is no need to mention the departure in the audit report as long as it is adequately disclosed in the financial statements.
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