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Jones LLP is in the process of wrapping up an audit of the financial statements of Amante, a publicly registered company. Below are some audit

  1. Jones LLP is in the process of wrapping up an audit of the financial statements of Amante, a publicly registered company. Below are some audit notes made by Jones:
    • Jones did not have any issues when it came to its independence on the audit engagement
    • Amante did not materially violate generally accepted accounting principles
    • Jones did have doubts about Amante remaining a going concern
    • Apart from a key disclosure that was omitted by Amante, all disclosures were adequate. Upon recommendation by Jones, Amante agreed to make the necessary correction.
    • There was no change in accounting principles that had a material effect on Amantes financial statements
    • Jones was able to perform all necessary procedures

a. What audit opinion is appropriate given the notes above? b. Explain your rationale for the audit opinion given the notes above? c. Generally, what are the conditions that warrants the auditor to issue the opinion in your response in (a) above?

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