In each point 1) to 3) below here, please provide what kinds of audit opinion, is...

  

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In each point 1) to 3) below here, please provide what kinds of audit opinion, is the . explanatory paragraph required or not, and provide the reasons underlying your answer. 1) Your client is a public company that engaged in property business. Their inventory accounts were consisted of not yet sold real estate and apartment unit, the amount were material. After audited, you found that some real estate units were overstated. The client agreed to settle the problem by restating their financial statement. (5%) 2) When you calculated the current ratio of your client financial statement, you found that the current asset only 10% of your client current liabilities. But all the whole financial statement was presented according to the accounting standard. (5%) 3) You found that your client was engaged in law suit in term of ownership dispute of non- current asset. According your inquiry result with client's attorney, you found that there is a possibility that the client will loses on the future court ruling. But the client refused to disclose this contingent even after you persuade them. (5%) In each point 1) to 3) below here, please provide what kinds of audit opinion, is the . explanatory paragraph required or not, and provide the reasons underlying your answer. 1) Your client is a public company that engaged in property business. Their inventory accounts were consisted of not yet sold real estate and apartment unit, the amount were material. After audited, you found that some real estate units were overstated. The client agreed to settle the problem by restating their financial statement. (5%) 2) When you calculated the current ratio of your client financial statement, you found that the current asset only 10% of your client current liabilities. But all the whole financial statement was presented according to the accounting standard. (5%) 3) You found that your client was engaged in law suit in term of ownership dispute of non- current asset. According your inquiry result with client's attorney, you found that there is a possibility that the client will loses on the future court ruling. But the client refused to disclose this contingent even after you persuade them. (5%)

Answer rating: 100% (QA)

Solution Ans 1 In the given case the auditorat the time of audit informed the management of the comp... View the full answer