Ques 20: Holiday Co.’s audit went without incident except that you are convinced that its deteriorating cash position and its poor position in a declining industry will make it highly unlikely that it will be in business this time next year. Num. Type of Audit Opinion Num. Other Modifications to add to Audit Opinion A Adverse 1 Emphasis of matter paragraph B Disclaimer 2 Other matter paragraph C Qualified 3 Basis for modification other than additional paragraph D Unmodified 4 Make modification other than additional paragraph 5 Make no modification
Ques 20: Holiday Co.’s audit went without incident except that you are convinced that its deteriorating cash position and its poor position in a declining industry will make it highly unlikely that it will be in business this time next year. Num. Type of Audit Opinion Num. Other Modifications to add to Audit Opinion A Adverse 1 Emphasis of matter paragraph B Disclaimer 2 Other matter paragraph C Qualified 3 Basis for modification other than additional paragraph D Unmodified 4 Make modification other than additional paragraph 5 Make no modification
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Ques 20:
Holiday Co.’s audit went without incident except that you are convinced that its deteriorating cash position and its poor position in a declining industry will make it highly unlikely that it will be in business this time next year.
| Num. | Type of Audit Opinion | Num. | Other Modifications to add to Audit Opinion |
| A | Adverse | 1 | Emphasis of matter paragraph |
| B | Disclaimer | 2 | Other matter paragraph |
| C | Qualified | 3 | Basis for modification other than additional paragraph |
| D | Unmodified | 4 | Make modification other than additional paragraph |
| 5 | Make no modification |
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