the le urai pain - - = all t" aliltial II Noala DANI IL mies of XYZ Company XYZ.Com | athi: as y lam a XYZ C hart is , AYECup a jetaily rope, as of XVR incums Spe maidiol aan pen uy ll. Aat the late the E sreathing the hairm etireles - e the the a marily in the tale - wate, The independent 5 th aliar pretty and dial arts - - Duly A Tis undition for a military atality le lime TE fach to her independent of them R Narpanai hi aa uslad 1 ped in the United SA ttai paal paattaai Ses of America iraare tar came type of age, tr aa - are: To us a Replis place in the tea in theatite yans 2011 Solution Sheet Com paal ht Prepare the accompanying solution sheet to reply to the eight independent situations below that relate to the audit of financial statements of nonpublic companies. Do not consider including emphasis-of-matter paragraph in an editor discretionary circumstance. 4) A client's investment in its joint operations XYZ. Company is carried at 100 million on the Group's consolidated statement of financial position, which represents over 90% of the Group's netassa 31 December 20X1. However, the auditor is not allowed me to the Board of Directoes and the auditors of XYZ Company, including XYZ Company's auditors' audit documentation. As a result, the auditor is unable to determine whether any adjustments are necesary in respect of the Groop's de of XYZ Company's assets that it controls jointly, its share of XYZ Company's liabilities for chi is jointly responsible, it share of XYZ's income and expenses for the year, and the element making up the con colidated statement of changes in equity and the consolidated cash flow statement. The possible effects of these adjustments are deemed to be both material and pervasive to the financial statements 6) A client introduces a new computerized accounts receivable system resulted in numerous crisi accounts receivable. As of the date of the auditor's report, the Board of Direction is still the process of rectifying the system deficiencies and correcting the cus The auditor is unable to confirme verify by alternative audit procedures the accounts receivable included in the statement of financial position at the reporting date For each of the above situation, assume a) The auditor is independent. b) The auditor previously expressed anmodified opinion on the prior year's financial statement c) Only single-yeur (not comparative statements are presented for the current year d) The conditions for a modified opinion exist unless contradicted by the facts c) The conditions stated in the items to be answered are material, unless otherwise indicated Each item to be answered is independent of the others No report modifications are to be made except in response to the factual situation h) The auditor will not treat a situation as an emphasis of a matter" in what remains an dified andit report unless it is one of these circumstances specifically illustrated in the Professional Standards as an example of a matter an auditor may wish to emphasize i) Financial statements of the clients are prepared in according with accounting principlesmerally accepted in the United States of America The auditor conduct audit in accordance with auditing standards generally accepted in the United States of America If more than one type of opinion is appropriate, list each one with "Report and coe with "Report 2 For example, if the problem doesn't tell you whether a misstatement pervasively misstates the financial statements or doesn't lista characteristic that indicates pervasiveness, two reports may be possible. Ily "Report 1" is appropriate place an "X" in the "Report 2" Opinion Type cell, which indicates to scored type of report is appropriate 32384-83 seung Assignment 2022 Solution Sheet Types of onion Circumstance Reporter Heport Heport 2 Report Report 2 the le urai pain - - = all t" aliltial II Noala DANI IL mies of XYZ Company XYZ.Com | athi: as y lam a XYZ C hart is , AYECup a jetaily rope, as of XVR incums Spe maidiol aan pen uy ll. Aat the late the E sreathing the hairm etireles - e the the a marily in the tale - wate, The independent 5 th aliar pretty and dial arts - - Duly A Tis undition for a military atality le lime TE fach to her independent of them R Narpanai hi aa uslad 1 ped in the United SA ttai paal paattaai Ses of America iraare tar came type of age, tr aa - are: To us a Replis place in the tea in theatite yans 2011 Solution Sheet Com paal ht Prepare the accompanying solution sheet to reply to the eight independent situations below that relate to the audit of financial statements of nonpublic companies. Do not consider including emphasis-of-matter paragraph in an editor discretionary circumstance. 4) A client's investment in its joint operations XYZ. Company is carried at 100 million on the Group's consolidated statement of financial position, which represents over 90% of the Group's netassa 31 December 20X1. However, the auditor is not allowed me to the Board of Directoes and the auditors of XYZ Company, including XYZ Company's auditors' audit documentation. As a result, the auditor is unable to determine whether any adjustments are necesary in respect of the Groop's de of XYZ Company's assets that it controls jointly, its share of XYZ Company's liabilities for chi is jointly responsible, it share of XYZ's income and expenses for the year, and the element making up the con colidated statement of changes in equity and the consolidated cash flow statement. The possible effects of these adjustments are deemed to be both material and pervasive to the financial statements 6) A client introduces a new computerized accounts receivable system resulted in numerous crisi accounts receivable. As of the date of the auditor's report, the Board of Direction is still the process of rectifying the system deficiencies and correcting the cus The auditor is unable to confirme verify by alternative audit procedures the accounts receivable included in the statement of financial position at the reporting date For each of the above situation, assume a) The auditor is independent. b) The auditor previously expressed anmodified opinion on the prior year's financial statement c) Only single-yeur (not comparative statements are presented for the current year d) The conditions for a modified opinion exist unless contradicted by the facts c) The conditions stated in the items to be answered are material, unless otherwise indicated Each item to be answered is independent of the others No report modifications are to be made except in response to the factual situation h) The auditor will not treat a situation as an emphasis of a matter" in what remains an dified andit report unless it is one of these circumstances specifically illustrated in the Professional Standards as an example of a matter an auditor may wish to emphasize i) Financial statements of the clients are prepared in according with accounting principlesmerally accepted in the United States of America The auditor conduct audit in accordance with auditing standards generally accepted in the United States of America If more than one type of opinion is appropriate, list each one with "Report and coe with "Report 2 For example, if the problem doesn't tell you whether a misstatement pervasively misstates the financial statements or doesn't lista characteristic that indicates pervasiveness, two reports may be possible. Ily "Report 1" is appropriate place an "X" in the "Report 2" Opinion Type cell, which indicates to scored type of report is appropriate 32384-83 seung Assignment 2022 Solution Sheet Types of onion Circumstance Reporter Heport Heport 2 Report Report 2