Assume that you are the audit partner on the engagement. During the audit at A company, the client prevented you from being able to observe the counting of fixed asset. The fixed asset amount is material in the client's financial statements. But, you were able to perform alternative procedures to support the existence and valuation of fixed assets at the year end

1. Identify which of the condition requiring a deviation from a standard unmodified opinion audit report is applicable, if any

2. State the level of materiality as immaterial, material or highly material. If you cannot decide the level of materiality, state the condition information needed to make decision

3. Give the type of audit report that should be issued. If you have not decided on one level of materiality in part 2, state the appropriate report for each alternative materiality level. Describe in detail the type of audit opinion selected

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The specific work for the above question will include Assessing professional competence of A company This will involve considering the professional ce... View the full answer