Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

On March 12, 2018, Hussein & Ahmed, CPAs, completed the audit of the financial statements of SABA, Inc., for the year ended December 31, 2017.

On March 12, 2018, Hussein & Ahmed, CPAs, completed the audit of the financial statements of SABA, Inc., for the year ended December 31, 2017. SABA is a privately held company.

During the audit of SABA, Inc., the controller, Abdullah, refuses to allow Hussein & Ahmed to confirm accounts receivable because he is concerned about complaints from her customers.However, Hussein & Ahmedare ableto satisfy themselves about accounts receivable by other audit procedures and they do not have any concern about Abdullah's true motives since they verified the information from different sources.

Hussein & Ahmed believes that SABA's financial statements are prepared in accordance with IFRS standards.

Hussein & Ahmed has gathered sufficient competent evidence to be satisfied that the financial statements are fairly presented according to IFRS. Hussein & Ahmed audited SABA's 2017 financial statements and issued an unqualified audit report with explanatory paragraph.

Required:

Draft the audit report that Hussein & Ahmed have to issue to SABA, Inc,

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Managerial Accounting

Authors: Karen Braun, Linda S Bamber

2nd Edition

136091164, 978-0136091165

More Books

Students also viewed these Accounting questions

Question

The consequence of a price floor set below the equilibrium price is

Answered: 1 week ago

Question

5. It is the needs of the individual that are important.

Answered: 1 week ago