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 caseWhilst auditing the Long-Term Investments account of Brownllow Medal Ltd., the auditor has been unable to obtain the audited financial statements for a material investment of an entity located in an overseas jurisdiction. The auditor concludes that sufficient and appropriate evidential matter regarding this investment cannot be obtained in the required time. Additionally, as the Audit Manager in charge of the audit-engagement, you have to weigh up the requirements of the audit-engagement with the additional cost of spending extra time at the client’s premises.

Disclaimer of Opinion is issued when the auditor is unable to obtain sufficient and appropriate…

Answered: Whilst auditing the Long-Term…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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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

Whilst auditing the Long-Term Investments account of Brownllow Medal Ltd., the auditor has been unable to obtain the audited financial statements for a material investment of an entity located in an overseas jurisdiction. The auditor concludes that sufficient and appropriate evidential matter regarding this investment cannot be obtained in the required time. Additionally, as the Audit Manager in charge of the audit-engagement, you have to weigh up the requirements of the audit-engagement with the additional cost of spending extra time at the client’s premises.

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