Basis for Opinion

We conducted our audit in accordance with ISAs. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company in accordance with the International Ethics Standards Board for Accountants' Code of Ethics for Professional Accountants (IESBA Code) together with the ethical requirements that are relevant to our audit of the financial statements in [the home country] and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Auditor's Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Basis for Opinion We conducted our audits in accordance with auditing standards generally accepted in the United States of America (GAAS). Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audic of the Financial Statements section of our report. We are independent of General Ring Corporation, and have fulfilled our other ethical responsibilities, in accordance with the relevant ethical requirements related to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audic opinion. Auditor's Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with generally accepted auditing scandards will always detect a material misscatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, Intentional omissions, misrepresentations, or the override of Internal control. Misstatements are considered material If, individually or in the aggregate they could reasonably be expected to influence the economic decisions of users made on the basis of these financial scatements. In performing an audit in accordance with GAAS,we: Use professional judgment and exercise professional skepticism throughout the audic. Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of General Ring Corporation's internal control. Accordingly, no such opinion is expressed. Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management as well as evaluate the overall presentation of the consolidated financial statements. Conclude whether. In our judgment, there are condicions or events, considered in the aggregate, that raise subscantial doubt about General Ring Corporation's ability to continue as a going concern within one year after the date that the financial statements are issued. We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audic, significant audit findings, and internal control related matters identified during our audit. Basis for Opinion These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. Requirement a. How does the information in the IAASB's revised paragraphs compare to the information in the Basis for Opinion and Auditor's Responsibility sections in the standard unmodified opinion audit report example for a nonpublic company? (Select all that apply.) A. While the wording differs between the two reports, both the ISA report and the unmodified opinion audit report for nonpublic entities recognize that the audit entails the performance of procedures to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether caused by error or fraud. B. The ISA report includes a statement containing the auditor's conclusion that the audit evidence obtained provides a basis for the opinion issued. The unmodified opinion audit report for nonpublic entities does not include similar disclosures. C. The unmodified opinion audit report for nonpublic entities notes that the audit was conducted in accordance with ISA standards rather than U.S. GAAP. D. The ISA report explicitly notes that the auditor is not providing an opinion on internal control. The unmodified opinion audit report for nonpublic entities does not include similar disclosures. E. While most of the auditor's responsibility paragraph is similar between the two reports, the unmodified opinion audit report for nonpublic entities includes an additional sentence indicating that the risk of not detecting a material misstatement arising from fraud is greater than the risk arising from an error due to the possibility of forgery or collusion, override of controls, intentional omissions of data, or misrepresentations. OF. The ISA report includes a sentence explicitly stating that the auditor is independent and that the auditor has complied with the IESBA Code. O G. The ISA report notes that the audit was conducted in accordance with ISA standards rather than U.S. GAAS. H. The unmodified opinion audit report for nonpublic entities includes a description of what the audit entails, including the auditor's consideration of accounting policies, accounting estimates, and the overall presentation of the financial statements. The ISA report does not include this. Requirement b. How does the information in the IAASB's revised paragraphs compare to the information in the Basis for Opinion section in the standard unmodified opinion audit report example for a public company? (Select all that apply.) A. While the wording differs between the two reports, both the ISA report and the unmodified opinion audit report for public companies recognize that the audit entails the performance of procedures to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether caused by error or fraud. B. The ISA report includes a sentence explicitly stating that the auditor is independent and that the auditor has complied with the IESBA Code. The audit report for public companies does not have the same disclosure. C. The unmodified opinion audit report for public companies include a statement containing the auditor's conclusion that the audit evidence obtained provides a basis for the opinion issued. The ISA report does not include similar disclosures. D. Both reports provide additional information that emphasizes that reasonable assurance is not a guarantee. E. The ISA report notes that the audit was conducted in accordance with ISA standards rather than PCAOB auditing standards. OF. The standard unmodified opinion audit report example for a public company notes that the audit was conducted in accordance with U.S. GAAP rather than PCAOB auditing standards. Requirement c. Discuss which of the three audit reports in your opinion, provides greater auditor communications to users of the financial statements. The ISA report's discussion about the importance of auditor independence provides that the audit not done to users of the financial statements. Additionally, the expanded discussion about the concept of reasonable assurance helps emphasize the fact about key aspects of the audit process and what the auditor has and has In contrast, the ISA report provides Basis for Opinion We conducted our audits in accordance with auditing standards generally accepted in the United States of America (GAAS). Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audic of the Financial Statements section of our report. We are independent of General Ring Corporation, and have fulfilled our other ethical responsibilities, in accordance with the relevant ethical requirements related to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audic opinion. Auditor's Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with generally accepted auditing scandards will always detect a material misscatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, Intentional omissions, misrepresentations, or the override of Internal control. Misstatements are considered material If, individually or in the aggregate they could reasonably be expected to influence the economic decisions of users made on the basis of these financial scatements. In performing an audit in accordance with GAAS,we: Use professional judgment and exercise professional skepticism throughout the audic. Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of General Ring Corporation's internal control. Accordingly, no such opinion is expressed. Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management as well as evaluate the overall presentation of the consolidated financial statements. Conclude whether. In our judgment, there are condicions or events, considered in the aggregate, that raise subscantial doubt about General Ring Corporation's ability to continue as a going concern within one year after the date that the financial statements are issued. We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audic, significant audit findings, and internal control related matters identified during our audit. Basis for Opinion These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. Requirement a. How does the information in the IAASB's revised paragraphs compare to the information in the Basis for Opinion and Auditor's Responsibility sections in the standard unmodified opinion audit report example for a nonpublic company? (Select all that apply.) A. While the wording differs between the two reports, both the ISA report and the unmodified opinion audit report for nonpublic entities recognize that the audit entails the performance of procedures to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether caused by error or fraud. B. The ISA report includes a statement containing the auditor's conclusion that the audit evidence obtained provides a basis for the opinion issued. The unmodified opinion audit report for nonpublic entities does not include similar disclosures. C. The unmodified opinion audit report for nonpublic entities notes that the audit was conducted in accordance with ISA standards rather than U.S. GAAP. D. The ISA report explicitly notes that the auditor is not providing an opinion on internal control. The unmodified opinion audit report for nonpublic entities does not include similar disclosures. E. While most of the auditor's responsibility paragraph is similar between the two reports, the unmodified opinion audit report for nonpublic entities includes an additional sentence indicating that the risk of not detecting a material misstatement arising from fraud is greater than the risk arising from an error due to the possibility of forgery or collusion, override of controls, intentional omissions of data, or misrepresentations. OF. The ISA report includes a sentence explicitly stating that the auditor is independent and that the auditor has complied with the IESBA Code. O G. The ISA report notes that the audit was conducted in accordance with ISA standards rather than U.S. GAAS. H. The unmodified opinion audit report for nonpublic entities includes a description of what the audit entails, including the auditor's consideration of accounting policies, accounting estimates, and the overall presentation of the financial statements. The ISA report does not include this. Requirement b. How does the information in the IAASB's revised paragraphs compare to the information in the Basis for Opinion section in the standard unmodified opinion audit report example for a public company? (Select all that apply.) A. While the wording differs between the two reports, both the ISA report and the unmodified opinion audit report for public companies recognize that the audit entails the performance of procedures to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether caused by error or fraud. B. The ISA report includes a sentence explicitly stating that the auditor is independent and that the auditor has complied with the IESBA Code. The audit report for public companies does not have the same disclosure. C. The unmodified opinion audit report for public companies include a statement containing the auditor's conclusion that the audit evidence obtained provides a basis for the opinion issued. The ISA report does not include similar disclosures. D. Both reports provide additional information that emphasizes that reasonable assurance is not a guarantee. E. The ISA report notes that the audit was conducted in accordance with ISA standards rather than PCAOB auditing standards. OF. The standard unmodified opinion audit report example for a public company notes that the audit was conducted in accordance with U.S. GAAP rather than PCAOB auditing standards. Requirement c. Discuss which of the three audit reports in your opinion, provides greater auditor communications to users of the financial statements. The ISA report's discussion about the importance of auditor independence provides that the audit not done to users of the financial statements. Additionally, the expanded discussion about the concept of reasonable assurance helps emphasize the fact about key aspects of the audit process and what the auditor has and has In contrast, the ISA report provides