According to International Standard on Auditing No. 700, the possible effect of misstatements discovered during the audit can be both material and pervasive. It also applies when it is not possible to form an opinion due to the possible interaction of multiple uncertainties and their possible cumulative effect on the financial statements.
A disclaimer of opinion is a type of audit report issued when the auditor is unable to express an opinion on the company's financial statements. This usually occurs when there are significant limitations that prevent the auditor from performing a comprehensive audit or when there is insufficient evidence to support the opinion.
The auditor may disclaim an opinion if there is pending litigation, unresolved disputes, or material uncertainty surrounding the financial statements that cast doubt on the company's ability to continue as a going concern.
All of this can result in increased scrutiny by regulators, as they may investigate the reasons for the refusal and whether there is any evidence of illegality or fraud.
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