Decide what kind of audit opinion the auditor should give in the following independent scenarios. You may also state if the opinion must be accompanied by an explanatory paragraph for emphasis of matter or other matter. Cite your BASIS/JUSTIFICATION

Case 1.

Samantha Apartments Co. completed construction and began to lease a 100-unit apartment on May 28, 2019. During June, 50 units were leased, and an additional 30 units were leased in July 2020.

During the month of May 2019, the company charged to expense P46,000 for the cost of advertising, a grand opening party, and the advertising agency fee for planning the campaign. At December 31, 2020, the statement of financial position reflected P175,000 of initial direct costs incurred by the company including commissions and legal fees paid in negotiating the lease. These initial direct costs are shown as an addition to the carrying amount of the leased asset and is being recognized as an expense over the term of the lease on the same basis as the lease income.

During your audit of the company's financial statements for the year ended December 31, 2020 (conducted in accordance with PSAs), no facts other than those described above came to your knowledge that would cause your opinion to be other than that the financial statements were presented fairly in accordance with Philippine Financial Reporting Standards.

What type of opinion should your report contain? Explain briefly.

Case 2.

During the year ended December 31, Victoria Company reported its property, plant, and equipment at the lower of cost or market value because their fair value had declined. The loss has been included in the income statement and the adjustment has been fully disclosed in the notes. If a CPA believes that the values reported in the financial statements are reasonable, what opinion should be expressed? explain briefly.

Case 3.

The client refused the auditor's request to confirm trade accounts receivable. The unaudited balance in this account is significant in relation to total assets, and the auditors were unable to satisfy themselves by other means. what opinion should be expressed? explain briefly.

Case 4.

During the year, Company B changed its method of inventory costing from FIFO to average costing. Although proper accounting treatment was accorded the change, management refuses to include a footnote describing the change. what opinion should be expressed? explain briefly.

Case 5.

Although Company A is virtually insolvent, its financial statements are based on the going concern assumption. Given the gravity of the situation, the auditors do not believe that adding an explanatory paragraph is adequate in the circumstances. what opinion should be expressed? explain briefly.