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Examples of Modified Auditors' Reviews on Economical Statements Prepared in Accordance with the SME-FRS depending on HKSA 701 " Alterations to the 3rd party Auditor's Report”

Matters which often affect the auditor's opinion

Case in point 1 – Qualified judgment – disagreement with administration Example a couple of – Certified opinion – limitation for the auditor's job Example a few – Disclaimer of judgment – limit on the auditor's work Case in point 4 – Adverse judgment – disagreement with administration

1

Case in point 1 – Qualified thoughts and opinions – disagreement with management

INDEPENDENT AUDITOR'S REPORT

TOWARDS THE SHAREHOLDERS OF SME LIMITED

(incorporated in [country or place] with limited liability) 1

Record on the Financial Statements

We now have audited the financial statements of SME Limited (the " Company”) set out in pages........ to........, which comprise the balance bed sheet as in 31 Dec 200X, plus the income statement for 12 months then finished, and a summary of significant accounting policies and other explanatory notes. Directors' responsibility for the financial claims

The directors are responsible intended for the planning and demonstration of these financial statements in accordance with Small and Medium-sized Entity Economical Reporting Normal (SME-FRS) given by the Hong Kong Institute of Certified Community Accountants. This responsibility comes with designing, employing and retaining internal control relevant to the preparation and presentation of economic statements which can be free from materials misstatement, whether due to fraud or error; selecting and applying appropriate accounting plans; and producing accounting quotes that are affordable in the instances.

[In addition, section 141D in the Hong Kong Corporations Ordinance needs that the balance sheet together with the remarks thereon must be prepared relative to the requirements with the Eleventh Timetable to that Ordinance. ] 2

Auditor's responsibility

The responsibility is always to express a viewpoint on these kinds of financial statements based on our audit three or more. We done our examine in accordance with Hk Standards on Auditing and with reference to PN 900 (Revised) " Audit of Financial Claims Prepared in Accordance with the Small and Mediumsized Enterprise Financial Reporting Standard” released by the Hong Kong Institute of Certified General public Accountants. Those standards need that we adhere to ethical requirements and plan and execute the audit to obtain fair assurance as to whether the monetary statements have time from materials misstatement.

A great audit requires performing types of procedures to obtain audit evidence about the quantities and disclosures in the economic statements. The procedures selected depend on the auditor's common sense, including the evaluation of the risks of material misstatement of the economical statements, whether due to fraud or error. In making these risk tests, the auditor considers internal control relevant to the entity's preparation and presentation in the financial transactions in order to style audit types of procedures that are suitable in the situations, but not for the purpose of expressing an opinion on the performance of the entity's internal control. An audit also includes assessing the appropriateness of accounting policies utilized and the reasonableness of accounting estimates of the company directors, as well as analyzing the overall business presentation of the economical statements. We expect that the review evidence we now have obtained is sufficient and ideal to provide a basis for each of our audit thoughts and opinions.

1 In Hong Kong, this can be a common practice to disclose the spot of use of the company. 2 This additional phrasing is required pertaining to companies incorporated in Hk applying section 141D with the Hong Kong

Companies Ordinance

several Auditors may possibly consider it ideal to simplify to whom they may be responsible here or in other places in the survey in accordance

with their risk management policies and with regards to Professional Risikomanagement...

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