4. Discuss the Tolerable Misstatement situation shown below The auditor determines materiality for the company being audited to be $60,000. Tolerable misstatement of $30,000 is assigned to each of the following four accounts. Unknown errors in each of the accounts are indicated below. Audit work is performed on each account as discussed in class. The client makes any corrections to accounts as suggested by the auditor. After the completion of audit work, the auditor issues an unqualified e. GOOD) auditors' opinion. Was this the correct opinion? Discuss and show applicable calculations Account Unknowm error in account before any audit work is done (all accounts are overstated) Cash Accounts receivable Prepaid Assets Property, Plant and Equipment $ 50,000 36,000 5,000 12,000