Question
You should use the information presented in the table below for answering the question below the table. Unless indicated otherwise, assume that material amounts are
You should use the information presented in the table below for answering the question below the table. Unless indicated otherwise, assume that material amounts are involved. Now indicate which Audit Report with the applicable modifications, if any, the partner in charge of the Audit engagement should issue given the situation described in the question placed after the table.
Num | Types of Audit Opinion | num | Other Modifications | |
A | Adverse | 1 | Add Emphasis- of- matter paragraph to Opinion | |
B | Disclaimer | 2 | Add other Matter paragraph to audit opinion | |
C | Qualified | 3 | Add a Basis for modification other than additional paragraph | |
D | Unmodified/Unqualified | 4 | Make modifications other than additional paragraph | |
5 | Make No modification to audit Opinion |
Ques: 15
Due to a conflict of interest discovered between another audit firm and Jamal Corp., your firm was brought in to audit Jamals financial statements after the end of its fiscal year. The old firm is cooperating fully with your auditors and you are prepared to issue an unqualified opinion except that you could not physically count Jamals ending inventory. You have, however, satisfied yourself through other audit procedures that the inventory balance is fairly presented
Group of answer choices
D, 5
B, 5
A, 5
C, 1
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started