Identify whether the auditor discovers more than one condition that requires departure from or modification of the standard unmodified opinion audit report, what auditor’s report should include.

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Answer 1

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Chapter 3, Problem 18RQ

To determine

Identify whether the auditor discovers more than one condition that requires departure from or modification of the standard unmodified opinion audit report, what auditor’s report should include.

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The comparative balance sheets and an income statement for Raceway Corporation follow. Balance Sheets As of December 31 Year 2 Year 1 Assets Cash $ 6,300 $ 48,400 Accounts receivable 10,200 7,260 Inventory 45,200 56,000 Prepaid rent 700 2,140 Equipment 140,000 144,000 Accumulated depreciation (73,400) (118,000) Land 116,000 50,000 Total assets $ 245,000 $ 189,800 Liabilities Accounts payable (inventory) $ 37,200 $ 40,000 Salaries payable 12,200 10,600 Stockholders’ equity Common stock, $50 par value 150,000 120,000 Retained earnings 45,600 19,200 Total liabilities and stockholders’ equity $ 245,000 $ 189,800 Income Statement For the Year Ended December 31, Year 2 Sales $ 480,000 Cost of goods sold (264,000) Gross profit 216,000 Operating expenses Depreciation expense (11,400) Rent expense (7,000) Salaries expense (95,200) Other operating expenses (76,000) Net income $ 26,400 Other Information Purchased…

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Answer 2

Question

Chapter 3, Problem 18RQ

To determine

Identify whether the auditor discovers more than one condition that requires departure from or modification of the standard unmodified opinion audit report, what auditor’s report should include.

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Answer 3

Question

Chapter 3, Problem 18RQ

To determine

Identify whether the auditor discovers more than one condition that requires departure from or modification of the standard unmodified opinion audit report, what auditor’s report should include.

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Answer 4

Question

Chapter 3, Problem 18RQ

To determine

Identify whether the auditor discovers more than one condition that requires departure from or modification of the standard unmodified opinion audit report, what auditor’s report should include.

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Answer 5

Chapter 3, Problem 18RQ

To determine

Identify whether the auditor discovers more than one condition that requires departure from or modification of the standard unmodified opinion audit report, what auditor’s report should include.

Answer 6

Chapter 3, Problem 18RQ

To determine

Identify whether the auditor discovers more than one condition that requires departure from or modification of the standard unmodified opinion audit report, what auditor’s report should include.

Answer 7

Chapter 3, Problem 18RQ

To determine

Identify whether the auditor discovers more than one condition that requires departure from or modification of the standard unmodified opinion audit report, what auditor’s report should include.

Answer 8

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Answer 9

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Answer 11

Ch. 3 - Prob. 1RQ Ch. 3 - Prob. 2RQ Ch. 3 - Prob. 3RQ Ch. 3 - Prob. 4RQ Ch. 3 - Prob. 5RQ Ch. 3 - Prob. 6RQ Ch. 3 - Prob. 7RQ Ch. 3 - Prob. 8RQ Ch. 3 - Prob. 9RQ Ch. 3 - Prob. 10RQ

Identify whether the auditor discovers more than one condition that requires departure from or modification of the standard unmodified opinion audit report, what auditor’s report should include.

Solution Summary: The author explains that if the auditor discovers more than one condition that requires departure from or modification of a standard opinion audit report, the report must be modified for each condition.

Identify whether the auditor discovers more than one condition that requires departure from or modification of the standard unmodified opinion audit report, what auditor’s report should include.

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Chapter 3 Solutions