SPC NXT Auditor Interview Questions and Answers

Materiality is the concept of determining the significance or importance of an item or event in relation to financial statements.

• Materiality helps auditors decide what information to focus on during an audit.

• It is based on the principle that only items that could influence the decisions of financial statement users need to be disclosed.

• Factors influencing materiality include the size of the item, nature of the item, an...read more

Types of audit opinions include unqualified, qualified, adverse, and disclaimer.

• Unqualified opinion: clean opinion, no issues found

• Qualified opinion: issues found but not pervasive

• Adverse opinion: significant issues found, financial statements are not reliable

• Disclaimer opinion: unable to form an opinion due to lack of information