For each case, state the type of audit opinion which should be expressed and provide an explanation for your choice of audit opinion in each case Your client, Metro-Quinn Ltd, operates a chain of fast-food outlets throughout Australia. It is now the end of the audit and it was found that major internal control deficiencies exist in relation to the completeness of recording and banking of cash sales. Cash register tapes are not available to determine which cash sales amounts should have been recorded and banke There is a lack of separation of duties between the custody of cash and its recording. Metro-Quinn Ltd senior management have not provided any explanation for these deficiencies, nor have they indicated that they will act on your recommendations to remediate the problems and issues in the internal control environment.
For each case, state the type of audit opinion which should be expressed and provide an explanation for your choice of audit opinion in each case
Your client, Metro-Quinn Ltd, operates a chain of fast-food outlets throughout Australia. It is now the end of the audit and it was found that major internal control deficiencies exist in relation to the completeness of recording and banking of cash sales. Cash register tapes are not available to determine which cash sales amounts should have been recorded and banke There is a lack of separation of duties between the custody of cash and its recording. Metro-Quinn Ltd senior management have not provided any explanation for these deficiencies, nor have they indicated that they will act on your recommendations to remediate the problems and issues in the internal control environment.
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