Question
assume that after reviewing the Excerpts of Piano Parts Inventory 2020, 2021 and 2022 you came to the conclusion that the December 31, 2022 inventory
assume that after reviewing the Excerpts of Piano Parts Inventory 2020, 2021 and 2022 you came to the conclusion that the December 31, 2022 inventory write-off amount is materially wrong and therefore the inventory balance presented on KKI's financial statements is incorrect. You brought up this issue to your audit partner who then asked KKI accountant to review the inventory write-off amount and make a correction, however the accountant refused and responded that no further adjustments will be made to KKI's December 31, 2022 the financial statements.
A)Indicate the type of audit report to be issued. Include the type of opinion and any other modifications. | |
B)Justify your conclusion by describing the conditions and nature of the issue that is affecting the type of the audit report to be issued. |
Step by Step Solution
3.53 Rating (150 Votes )
There are 3 Steps involved in it
Step: 1
A Type of Audit Report to be Issued The type of audit report that would likely be issued in this scenario is an adverse opinion with an emphasis of ma...Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Document Format ( 2 attachments)
663dc322b5ca2_962415.pdf
180 KBs PDF File
663dc322b5ca2_962415.docx
120 KBs Word File
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started