You have completed the audit of Alpha Group Ltd. However you have a disagreement with management regarding the consolidation of a subsidiary, Beta Ltd. You believe that Beta should be consolidated but management has refused. Relative to Alpha Group, Beta Ltd. is a small company, which holds only investment assets and has no liabilities. The investment assets are immaterial to the group. What is the most appropriate audit opinion?

a. Unmodified

b. Qualified

c. Adverse

d. Disclaimer of opinion

In relation to the audit report for the Alpha Group Ltd. example above, what is the most appropriate additional paragraph(s), if any?

a. None

b. Emphasis of Matter

c. Other Information

d. Material Uncertainty related to Going Concern