Question：When auditors modify their audit opinion, they must give:
A. A speech at the annual general meeting so that the shareholders understand why the financial statements have been modified.
B. A discount from their audit fee.
C. Reference to any non-compliance with laws and regulations.
D. If possible, a quantification of the effects on the financial statements.
E. A full explanation of the reasons for modification.
The correct answers are: A full explanation of the reasons for modification; If possible, a quantification of the effects on the financial statements; Reference to any non-compliance with laws and regulations.
This detailed explanation should ensure that shareholders understand why the financial statements are qualified, so that there will be no need to give a speech at the annual general meeting, although auditors are entitled to speak at an AGM where matters affect them.
Lastly, there is no requirement to give a discount from the audit fee! This would suggest that the qualified audit opinion somehow rendered the auditors at fault, which is not at all the case, and also would be a bar to the independence of the auditors in giving the necessary qualified opinion.
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