Question
In auditing the long-term investments account, CPA, is unable to obtain audited financial statements for an investee located in a foreign country. The CPA concludes
In auditing the long-term investments account, CPA, is unable to obtain audited financial statements for an investee located in a foreign country. The CPA concludes sufficient appropriate audit evidence regarding this investment cannot be obtained. (For each of the following situations below, label the appropriate opinion type and report modification by selecting a choice from the appropriate tables below.
Situation | Opinion Type (OT) | Introductory Paragraph (IP) | Auditor's Responsibility Paragraph (ARP) | Opinion Paragraph (OP) | Basis for Paragraph Opinion (BPO) |
1. Assume the potential effect on the financial statements is immaterial. | |||||
2. Assume the potential effect on the financial statement is moderate | |||||
3. Assume the Potential effect on the financial statement is high |
Options;
OT: Unqualified, Qualified, Adverse, or Disclaimer
IP:Omit, No change, or Modify
ARP:Omit, No change, or Modify
OP:Omit, No change, or Modify
BPO: None required, Insert before opinion, or Insert after opinion.
____________________________________________________________
I just need someone check my work please, thank you!
This what had done:
1. OT: Unmodified, IP: No change, ARP: No change, OP: No change, and BPO: none required
2, OT:Qualified, IP: No change, ARP: Modify, OP: Modify, BPO: Insert before opinion
3. OT: Disclaimer, IP: Omit, ARP: Modify, OP: Modify, BPO: Insert before opinion
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