Akshay JoshiAkshay joshi asked 3 years ago
2 Answers
RaviRavi Staff answered 3 years ago

Hello Akash
if audit report on detailed financial statement is modified, then while preparing audit report on summary financial statement, auditor is suppose to put 2 things in opinion paragraph
1st explain what things were wrong in detailed financial statement and also explain that to that extent summary is also misstated
2nd whether summary is prepared appropriately as per criteria given in form AOC-3 should be expressed
so for example if we have qualified detailed financial statement for over valuation of inventory , following will be content in summary audit report
 
inventory in detailed financial statement is over valued by 50 lakhs to that extent inventory is also misstated in summary. further summary is fair as per form AOC-3 

Auditaudit Staff answered 3 years ago

Got it

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