Grace Brown is a wealth management company that provides its customers with access to a comprehensive range of both Australian and international investment solutions. Using Grace Brown's facilities, customers can invest directly into the US and access other related products overseas. After an investigation, ASIC uncovered suspicious trades that had occurred during the 30 June 2021 financial year. Unauthorised trades were made by a suspected Chinese hacker who hacked into several retail customer accounts and traded them in such a way that prices were inflated. During its investigation ASIC seized some of the financial records of Grace Brown. As a result, you were unable to audit the following account balance: investment. Investments make up 70% of the statement of financial position and constitute a significant and high-risk account balance. 

 Old College is a medium size private college which provides a range of diploma courses to its students. During the 30 June 2021 financial year, Old College acquired another private college, Newstead. As part of the takeover one of Newstead's intangible assets, its student interaction and management system (SIMS), was due to be completely impaired as the plan was for Old College's SIMS to be adopted by both colleges. However, Newstead's SIMS was not impaired at all, and Old College recorded both SIMS in its financial statements. This was raised with Old College's management, but the CEO refused to impair Newstead's SIMS. You note the following as at 30 June 2021: Old College SIMS $315,000 (an independent valuer wasused to confirm this amount) Newstead SIMS $125,000 (due to be completely impaired) Total intangibles $600,000 Benchmark $975,000 Part  You are also currently finalising audits for another three clients: Dodgy Brothers, Alexandra Brown, and Old College, and are trying to determine the correct Auditor's Opinion that needs to be issued for the year ended 30 June 2021 for each of them. 

 

Assume the following: 

Required For each of the  clients, identify the type of Auditor's Opinion that should be issued and justify your response,all calculations where relevant. In the answer box below, write the letter and your answer. e.g. Event. Your answer?