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Koch Corporation is in the process of disclosing on April 30, 2020 its annual financial statements for the fiscal year ended December 31, 2019. Inside

Koch Corporation is in the process of disclosing on April 30, 2020 its annual financial statements for  the fiscal year ended December 31, 2019. Inside the document, the independent auditor wants to add  an attachment with his opinion. The latter shows that the whole financial statements is compliant  with the international financial reporting standards and show a true and fair view of the financial and  economic situation. However, the specific evaluation of the inventory has a material “error” in the  recording of the lower-of-cost-or-net realizable value. The error is significant but it does not affect  the whole reliability of the financial statement. Instructions Identify the type of audit opinion  disclosed in the Koch Corporation financial reporting. What is the difference between an auditor's  unmodified opinion or “clean” opinion and a modified one?


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