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Section O Handout: Engagement Reports Section O Learning objectives addressed by this exercise: 1,2,3 and 4 1. For each of the following independent situations (a - j), select the appropriate structure for the auditor's report from the options below. a. An auditor has substantial doubt about an issuer's ability to continue as a going concem. b. An auditor of an issuer entity has determined that the company has improperly excluded from property and debt certain lease obligations that should capitalized that has a material, but not pervasive impact on the conformity of the financial statements to be in accordance with GAAP. The auditor was required to communicate to the audit committee that the companies accounting for derivative transactions are material to the financial statements, and require challenging audit judgments due to the subjectivity and complexity of the calculations. c. An auditor of an issuer has determined that the company's refusal to properly account for property, plant, and equipment and deferred income taxes has a pervasive effect on the financial statements. d. An auditor of a privately held company has reporting responsibilities related to legal and regulatory requirements and has also determined that the company has correctly accounted for a transaction using a non-GAAP method because using existing guidance would cause the financial statements to be misleading. e. Management of a publicly traded company refused to permit the auditor access to physically examine inventory which has a material effect on the balance sheet, income statement, and statement of cash flows. Alternative procedures were insufficient to provide appropriate evidence regarding the ending inventory balance. f. An auditor of a nonissuer was unable to observe inventory on the balance sheet date due to a late appointment, however, the auditor was able to perform alternative procedures in order to obtain sufficient appropriate evidence. g. An auditor of a nonissuer has determined that the company's improper accounting for lease transactions has a material effect on each of the financial statements. h. In an audit of a publicly traded company it was communicated to the audit committee that invertory is material to the financial statements and involves subjective and complex auditor judgment. Morcover, the auditor notes that there has been a change in reporting entity for the client. i. An auditor of a nonissuer client has decided to make reference to a subsequently discovered fact that was not presented nor disclosed in the financial statements. j. Management of a nonissuer company refused to allow the auditor confirm material accounts receivable balances and the auditor was unable to perform alternative procedures to obtain appropriate evidence regarding the receivables. Accounts receivable materially impacts multiple financial statements. The auditor has additional regulatory reporting requirements for this elient. Required: Unless otherwise noted, assume that each scenario affect (are material) to the Company's financial statements, assume that when applicable, for publicly traded clients that auditors are conducting integrated audits and issue separate reports for financial statements and internal controls. 1. The opinion on the financial statements would best be classified as: A. Adverse Opinion B. Unqualified Opinion C. Disclaimer of Opinion D. Unqualified with Explanatory Language E. Qualified Opinion 2. Which of the following information would be included, select all that apply: a. Introductory Paragraph (Report on the Financial Statements) b. Opinion c. Basis for Opinion d. Matter-of-Emphasis Paragraph e. Other-Matter Paragraph f. Auditor's Responsibility g. Opinion Explanation Paragraph(s) h. Critical Audit Matter(s) i. Management's Responsibility j. Reference Paragraph to Audit of Internal Controls Over Financial Reporting k. Report on Other Legal and Regulatory Requirements 3. The order of the report paragraphs would be: Enter in letters with no spaces or special characters. Enter in your answer in the order that the applicable sections would appear in the auditor's report. For example, if your answer is j., f., a., and d. Then you would enter: jfad