the financial statements being audited contain justified departure from GAAP, the auditor can choose between an unqualified and qualified opinion. 15. T, F. W hen an auditor lacks independence, the auditor can choose between an adverse opinion and a disclaimer opinion. Il: SHORT CASES ( 60 POINTS) You are an auditor of a multi-national company, MNO CORPORATION, with Head Quarters in New York City, USA. The Company is in Oil and Gas Prospecting and Refining Industry. Your audit reveals that their books were well kept and their oil fields were in deep waters of The Atlantic Ocean. You tried to verify these oilfields but the Company failed to provide support. When you examined their Balance Sheet, they failed to indicate their oil reserves and locations. In addition, their financial statements were not presented in accordance with Accounting Standards for the UPSTREAM and DOWNSTREAM GAAP Standards. 1. Required: Provide the opinion Section of the Auditor's report for use by a bank trying to loan $800m. What type of audit opinion will you provide? a. Provide a Draft Sample of your Audit Opinion below. Opinion should not exceed 8 sentences