Question: Mobile Security Inc. Mobile Security, Inc. (MSI) has been an audit client of Leo & Lee, LLP for the past 12 years. MSI is a
Mobile Security Inc. Mobile Security, Inc. (MSI) has been an audit client of Leo & Lee, LLP for the past 12 years. MSI is a small, publicly traded aviation company based in Cleveland, Ohio, where it manufactures high-tech unmanned aerial vehicles (UAV), also known as drones, and other surveillance and security equipment. MSIs products are primarily used by the military and scientific research institutions, but there is growing demand for UAVs for commercial and recreational use. MSI must go through an extensive bidding process for large government contracts. Because of the sensitive nature of government contracts and military product designs, both the facilities and records of MSI must be highly secured. Your firm has been the auditors for the last nine years. For the 2023 audit engagement, your firm found the financials to be materially correct and no items requiring an emphasis of matter/explanatory paragraphs. Two days before the audit report date, the partner was notified that Jacob, the senior on the audit, owned 10% of the outstanding shares of MSI.
Based on this fact pattern, what type of opinion will most likely be issued by the auditor? EXPLAIN YOUR ANSWER
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