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I need to write a qualified opinion paragraph and an adverse opinion pargraph based on the following information: Kobyashi Moru reports its inventory, fixed assets,

I need to write a qualified opinion paragraph and an adverse opinion pargraph based on the following information:

Kobyashi Moru reports its inventory, fixed assets, depreciation and cost of goods sold on a current value basis (fair market value on the date of the financial statements).

Such accounting violates the cost principle of US GAAP. There is a disclosure of the pertinent facts stating this in a footnote on the key financial statements.

Prepare the following paragraphs that include the appropriate language.

  • A qualified opinion
  • An adverse opinion

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