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cases

For each of the following situations, indicate which type of audit report you would issue if you were the partner in charge of the engagement and explain why.

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cases

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  1. For each of the following situations, indicate which type of audit report you would issue if you were the partner in charge of the engagement and explain why.

  2. This is the first year you have audited Monk& co’s financial statements. The previous auditors have gone out of business and their level of corporation is negligible. Your conclusions rest on the old auditors work.

  3. Due to a conflict of interest discovered between another auditor firm and jamal corp., your firm was brought in to audit the financial statements well after the fiscal year. The old firm is cooperating fully with your auditors and you are prepared to issue an unqualified opinion except that you could not physically count the ending inventory. You have, however , satisfied yourself through other audit procedures that the inventory balance is fairly presented.

  4. Despite your urgings, the management of parker co., an arms dealer, refuses to allow you to examine some details on its customer base. As a result you cannot be sure of the value of its receivables. Receivables are material in relation to the company’s financial statements.

  5. During the audit of Shaker Savings and Loan, another auditing firm in Seattle, Washington was engaged to audit a subsidiary of Shaker Savings and Loan., CPAs has decided to make reference to the other auditing firm in the audit opinion.

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