assume that after reviewing the Excerpts of Piano Parts Inventory 2020, 2021 and 2022 you came to
Question:
assume that after reviewing the Excerpts of Piano Parts Inventory 2020, 2021 and 2022 you came to the conclusion that the December 31, 2022 inventory write-off amount is materially wrong and therefore the inventory balance presented on KKI's financial statements is incorrect. You brought up this issue to your audit partner who then asked KKI accountant to review the inventory write-off amount and make a correction, however the accountant refused and responded that no further adjustments will be made to KKI's December 31, 2022 the financial statements.
A)Indicate the type of audit report to be issued. Include the type of opinion and any other modifications. | |
B)Justify your conclusion by describing the conditions and nature of the issue that is affecting the type of the audit report to be issued. |
Auditing A Practical Approach with Data Analytics
ISBN: 978-1119401742
1st edition
Authors: Raymond N. Johnson, Laura Davis Wiley, Robyn Moroney, Fiona Campbell, Jane Hamilton