Question: What are the major reasons for departures from the unmodified
What are the major reasons for departures from the unmodified audit opinion?
Relevant QuestionsIf an auditor is not independent with respect to an auditee company, what should he or she do? With reference to evidence, what extent of evidence is required as a basis for the unmodified opinion? For an adverse opinion? For an opinion qualified for GAAP departure? Officers of the Kingston Company do not want to disclose information about the product liability lawsuit filed by a customer asking $500,000 in damages. They believe the suit is frivolous and without merit. Outside counsel ...a. What alternative procedures can an auditor perform to determine whether the accounts receivable balance is not materially misstated when client management will not permit audit confirmations to be used?b. What are the ...Explain auditor responsibilities regarding going-concern disclosures under GAAS. Contrast these with GAAP requirements and discuss ways of reconciling the two.
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