AICPA auditing standards provide uniform wording for the auditor$$s report.

$($a$)$ Explain eight distinct parts included in the auditor$$s standard unmodified opinion audit

report.

$($b$)$ The following is a portion of the basis for adverse opinion paragraph for Wallace

Corporation$$s financial statements ending on December $31,2019.$ Prepare the opinion paragraph

for the audit report.

The company has excluded from property and debt in the accompanying balance sheet certain

lease obligations that, in our opinion, should be capitalized in order to conform with generally

accepted accounting principles. If these lease obligations were capitalized, property would be

increased by $$14,500,000,$ long$-$term debt by $$13,200,000,$ and retained earnings by $$1,300,000$

as of December $31,2019,$ and net income and earnings per share would be increased by

$$1,300,000$ and $$2\mathrm{.}25,$ respectively, for the year then ended.

$($c$)$ The following is the basis for qualified opinion paragraph for Fast Times Corporation$$s

financial statements ending on September $30,2019.$ Prepare the opinion paragraph for the audit

report.

We were unable to obtain audited financial statements supporting the company's investment in a

foreign affiliate stated at $$1,040,000,$ or its equity in earnings of that affiliate of $$501,000,$ which

is included in net income, as described in Note $14$ to the financial statements. Because of the

nature of the company's records, we were unable to satisfy ourselves as to the carrying value of

the investment or the equity in its earnings by means of other auditing procedures