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The end of the financial year is December 31, 2023. The audit report was signed on February 15, 2024. The financial statements were approved by
The end of the financial year is December 31, 2023. The audit report was signed on February 15, 2024. The financial statements were approved by the board of directors on February 15, 2024, and released to the public that same day, along with the auditor's report. Required You have been given a number of independent situations below. Describe what action should be requested of the client by the auditor in each of the following situations. Potential options include: requesting that the client make a disclosure in the notes to the financial statements requesting that the client make an adjustment (name the account) advising the client of a change in audit opinion (what sort of opinion should be given) investigating further doing nothing Explain your answer. Include an accounting and/or auditing standard and paragraph reference to support your answer. On February 10, 2024, a group of protestors calling themselves 'Forests for the Future' staged a protest outside Alpine Bags's main office. They claimed that Alpine Bags enabled people to spend more time outdoors, damaging forests. On February 25, 2024, Alpine Bags' research and development department announced a new product, CloudBag. The marketing department expects sales of the new bag to exceed $6 million in the first year. Auditor should: Explanation Reference (a) (b)
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