Identity and items included in "other Information that need not be the auditor's report. Explain the deficiencies in Patel's report as drafted. 3-4, 3. 3-6, 3-7, 3-8) For the following independent situations, assume that you are the audit partner on the engagement: I. During you to allow is a expand the that inventory is materially overstated The client refuses you to scope of your audit sufficiently to verify whether the balance is actually misstated. complete the audit of Munich Department Store, and in your opinion 2. You financial statements are fairly presented. On the last day of the audit, you discover that one of your supervisors to the audit investment in Munich. 3. Delivery has a of several delivery trucks. In the past, Auto Delivery had followed the policy of purchasing all equipment. In the current year they decided to lease the trucks. The method for the therefore changed to lease capitalization. This change in policy is fully disclosed in has been in 4. You are Deep Clean Services for the first time. Deep Clean business for several over the last two years has struggled to given the economic conditions. Based on your audit work, have substantial Clean business by the end ofits next fiscal year 5. your audit clients has in Your audit engaged a business valuation specialist to assist evaluating the client's estimation of the investment's fair value. You conclude that the valuation specialist's work provides sufficient appropriate audit evidence 6 after the year-end date, a major customer of Prince Co declared bankruptcy. Because the customer had confirmed the balance due to Prince at the balance sheet date, management refuses to charge off account or information. The receivable represents approximately 10% otherwise disclose the of accounts receivable and 20% of net earnings before taxes For each situation, do the following: a. Identify which of the conditions requiring a modification of or a deviation fr unqualified standard report applicable b. the level of materiality as immaterial, material, or highly material. Ifyou cannot decide the level of materiality, state the additional information needed to make a decision c. Given your answers in parts a. and b., state the type of audit report that should issued. If have not decided on one level of materiality in part b state the appropriate report for each alternative materiality level 3-8) For the following independent situations, assum 29 (obiectives 3-4, 3-5, 3.6, 3.7