ICAI Releases FAQs on Auditor’s Opinion in Financial Statements

The Institute of Chartered Accountants of India (ICAI) has issued FAQs based on the auditor’s opinion on financial statements.

The FAQs include details that need to be entered in the auditor’s point of you on financial statement functionality, what would be a modified opinion, types of modified opinions, and most importantly, UDIN-related information as well.

These FAQs are important because they helps auditors to correctly interpret and report their opinions on financial statements in line with auditing standards and ICAI guidelines. It also simply what constitutes a modified opinion and the different types (qualified, adverse, or disclaimer), reducing confusion and potential errors in reporting. The FAQs guide auditors on whether a modification in reporting under audit trail is required to be reported under this functionality of UDIN.