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 $2.25, 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.