Question
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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