In auditing the long - term investments account, Laura, CPA is unable to obtain audited financial statements for an investee located in a foreign country. Laura concludes sufficient appropriate audit evidence regarding this investment cannot be obtained.

For each of these situations listed below, identify the appropriate opinion type from the options provided

Adverse

GAAS

Disclaimer

Unqualified

"Except for" qualified

GAAP

1) Assume the potential effect on the financial statements is immaterial.

2) Assume the potential effect on the financial statements is moderate.

3) Assume the potential effect on the financial statements is high.

4) Is the senario presented a GAAP issue or a GAAS issue?