A building owned by the client is severely damaged by a fire that occurred on...
80.2K
Verified Solution
Link Copied!
Question
Accounting
A building owned by the client is severely damaged by a fire that occurred on January 5/2021. The loss that resulted is considered very material to the client's financial statements. The client mentions the matter in its note disclosures for the 2020 financial statements, but does not adjust the 2020 financial statements to reflect the loss. The auditor in this case is likely to do what in the auditor's report for 2020 financial statements? Select one: a. Issue an unmodified (unqualified) opinion report O b. Issue a qualified opinion report for departure from IFRS O c. Issue an adverse opinion report d. Issue a qualified opinion report for scope restriction O e. Issue an unmodified (unqualified) opinion report, but emphasise the matter in the emphasis
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
