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Five months after issuing an unqualified audit opinion and an unqualified opinion on internal controls for the audit of the

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Five months after issuing an unqualified audit opinion and an unqualified opinion on internal controls for the audit of the year ended December 31, 2019, for a large publicly traded client, the client and the auditor become aware of a material misstatement in sales revenue for the year in question, which was the result of a material weakness in internal controls. Is this a subsequent event or a subsequent discovery of facts? What are the auditor’s responsibilities related to the audit opinion and the opinion on internal controls?

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This is a subsequent discovery of facts as the financial statements and audit opinion were issued fi…View the full answer


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I did my under graduation and post graduation in Chemistry with 1st class. After that I have taught in a college for one year. I have completed PhD in Chemistry/Nanotechnology from one of the best institute in India. Now I am working as Associate Professor and Head, Dept. of Chemistry, VVIT Kerala.
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Related Book For  answer-question
Auditing And Assurance Services An Integrated Approach

Auditing And Assurance Services An Integrated Approach

ISBN: 9780135176146

17th Edition

Authors: Alvin A. Arens, Randal J. Elder, Mark S. Beasley

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Question Details
Chapter # 24
Section: Review Questions
Problem: 11
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Question Posted: June 17, 2020 02:34:04
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