Modifications to the Independent Auditor’s Report involves different paragraphs included in the auditor’s report, just for instance, emphasis of matter paragraph, basis of modification paragraph and other matter paragraph. I’ve learned that when there is wrong in the financial statements or when there is insufficient audit evidence, an auditor have to make additional effort in doing tests and preparing a longer auditor’s report as more information is needed to be communicated to the users of the financial statements, management and those charged with governance.
I have also learned the things that an auditor should consider in making the auditor’s report and even after the auditor’s report but before financial statement has been issued. Also, I have able to clear my views regarding some misleading and unclear facts with the help of Mrs. Aquino discussing these things. And so, this report helps me to be more familiar with the subject and gather additional knowledge for the preparation to the incoming Board Exam. I am also looking forward to see myself doing these reports after having my license.