For each situation presented below, match it to the type of audit opinion that should be issued. The audit client's year-end is December 31, 2023. Prompts As described in Note 14, subsequent to year-end, there was a fire at one of the client's main manufacturing facilities. Answers Select match 4 Unmodified Opinion Emphasis of Matter 2 3 There was a disagreement with the Controller over the accounting policy used to record its investment in a subsidiary company. The Company has not consolidated its subsidiary and the investment is accounted for using the cost basis. Had the subsidiary been consolidated, many elements in the financial statements would have been materially affected. Unmodified Opinion Adverse Opinion Disclaimer of Opinion Qualified Opinion When auditing inventory, the auditor was denied access and could not attend the inventory counts performed on Dec 29 in the client's 3 remote warehouses, which contain approximately 50% of the ending inventory balance. Select match

For each situation presented below, match it to the type of audit opinion that should be issued. The audit client's year-end is December 31, 2023. Prompts As described in Note 14, subsequent to year-end, there was a fire at one of the client's main manufacturing facilities. Answers Select match 4 Unmodified Opinion Emphasis of Matter 2 3 There was a disagreement with the Controller over the accounting policy used to record its investment in a subsidiary company. The Company has not consolidated its subsidiary and the investment is accounted for using the cost basis. Had the subsidiary been consolidated, many elements in the financial statements would have been materially affected. Unmodified Opinion Adverse Opinion Disclaimer of Opinion Qualified Opinion When auditing inventory, the auditor was denied access and could not attend the inventory counts performed on Dec 29 in the client's 3 remote warehouses, which contain approximately 50% of the ending inventory balance. Select match

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

What is an uncorrected misstatement?
Wrong Answer
Select one:a.(iii) and (iv) onlyb.(ii) and (iii) onlyc.(i) and (ii) onlyd.All four
Define divestiture
remain dwlse
What is loss aversion?
This answer is incorrect. What's the correct one?
5. what are the deficiencies that LCNRV suffers?
excel
Help me question 1a