Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. please choose the suitable audit report opinion fo

Please choose the suitable audit report opinion for the following situations. (5 points per situation)...

50.1K

Verified Solution

Question

Accounting

image
Please choose the suitable audit report opinion for the following situations. (5 points per situation) 1. Standard Unmodified Opinion 2. Unmodified Opinion with an emphasis-of-matter or nonstandard wording 3. Qualified Opinion 4. Adverse Opinion 5. Disclaimer of Opinion Suitable Opinion Type Situation A scope limitation from the client prevents the auditor from finalizing an audit procedure for accounts receivable with immaterial balance On Jan 3, 2022, an earthquake destroyed some buildings owned by the company. The total balance of buildings is material. Client changed its depreciation from Straight Line to Double Declining in 2021. Auditor did not concur with the change and balances are material, Due to a wrong audit plan, a branch with a material balance was not audited. Client is facing a financial problem in the last quarter of 2021. According to the auditor's estimation, the client cannot survive through this problem. Four days before the end of audit, partner auditor discovered that the audit manager and client CEO have been friends since primary school. The client fails to appropriately calculate impairment for property, plant, and equipment. The amount of misstatement is material

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!
Become a Member

Other questions asked by students

Q

asap please python Using block diagram, design the architectural layout of the simplified model of a symmetric...

Programming
Q

A .053M solution of a weak base has a pH of 9.87. What is the...

Chemistry
Q

Rank in order of total heat input (Note: don’t confuse with heat input RATE) and overall...

Mechanical Engineering
Q

E at one face parallelepiped is uniform over the entire face and is directed out...

Physics
Q

The amount of carbon-15 in a given sample decays exponentially with time. If the function...

Basic Math
Q

9 2 Units A survey of 100 random full time students at a large university...

Statistics
Q

Verify the identity cos a sin x 11 L 503 sin a II III 1...

Calculus
Q

Desert Company has a beginning balance in inventory of 410 units at...

Accounting
Q

Transaction Entries and Adjusting Entries Deluxe Bud Services offersjarstories on both...

Accounting
Q

law suits) an To gather information about possible loss contingencies relating to litigation (ie. auditor...

Accounting
Q

r1-r2 Chapter 8-Percentage of Receivables Method of the current year, Accounts...

Accounting
Q

During the past year, a company had cash flow to creditors, an operating cash flow,...

Finance