InvestorQ : the audit opinion is based on the information provided by the
mamt bansal made post

the audit opinion is based on the information provided by the

Answer
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Purvesh answered.
3 months ago


The audit opinion is not just based on information provided but an auditor considers various other aspects before expressing an opinion on the financial statements.

An auditor expresses his opinion as to whether the financial statements are prepared and presented, keeping in mind all material aspects, in accordance with the applicable financial reporting framework.

He shall also determine as to whether he has gathered reasonable assurance whether overall financial statements are free from any material misstatement, whether caused due to fraud error.

So, in general, audit opinion is based on the information provided by the management to the auditor. However, obtaining information is not just enough for expressing an opinion, the examination of such information and evidence from the auditor’s point of view and applying Standards on Auditing (as applicable) to the relevant information is equally important.