Reliability of accounting (financial) statements and expression of opinion with a reservation in the audit report

Abstract

The article considers the grounds for modifying the audit reports on the financial statements of Russian public joint-stock companies for the periods from which the financial statements are placed in the State Accounting Information Resource (GIRBO). The grounds for the modified opinion are considered in correspondence with key audit matters presented in the auditor’s reports. Some grounds for modification appear in the auditor’s reports much more frequently than others. Such as understatement of the allowance for doubtful receivables, understatement of the allowance for depreciation of financial investments, evasion of the revaluation of fixed assets, despite the fact that the revaluation is provided for by the accounting policy of the reporting organization.