The staff at Nguyen and Partners have completed the necessary audit work for Manitoba Metal Fabricators. The partner responsible for the audit is now reviewing the audit fi le. She has come across the Schedule of Unadjusted Diff erences and is considering the type of audit report to issue. Referring to figure 13.2, answer the following. December 31, 2020 Worksheet-Summary of identified misstatements (CORE) Objectives To document misstatements identified during the audit and to evaluate: . The effect of identified misstatements on the audit. . The effect of uncorrected misstatements, if any, on the financial statements Performance materiality $ 42.500 Insignificant misstale ments under $ 1010 need not be recorded below. Amount of Over (Under) Misstatement in the Financial Statements Circumstances FA Corrected? W/P Description of Occurrence Assets Liabilities Income Equity Disclosures Yes/No Ref Accrue audit fee for the year | Missed Accrual (15 000) (15,000) No Reverse revenue not earned Cut-Off Error 25.000 No Total identified mixstatements during the audit 25.000 (15,000) 10,000 Mistale ments corrected by management Total uncorrected misstatements 25.000 (15,000) 10,000 Effect of income taxes on uncorrected misstatements Effect of uncorrected misstatements from (15, DIX) prior periods Uncorrected misstatements to be carried (5,010 forward FIGURE 13.2 Summary of audit differences Source : Summary of identified misstatements, PEG Forms-Audits, Form 335. @ 2017 CPA Canada PEG. If overall materiality for the engagement were set at $50,000, what type of audit report would be issued? Why