What kind of opinion should the auditors express in each separate case?.

The entity failed to capitalize lease assets and obligations but explained them fully in the notes to the financial statements. These lease obligations meet the criteria for capitalization under GAAP.

Answer 1 Choose... A CPA firm conducted the audit of Luck, a new client this past year. Last year, Luck was audited by another CPA, who issued an unmodified opinion on its financial statements. Luck is presenting financial statements for 2013 and 2014 in comparative form.

Answer 2 Choose...

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