Question: Overview This milestone will give you practice with drafting audit reports. When you write an audit report, there are the following four opinion types that

Overview

This milestone will give you practice with drafting audit reports. When you write an audit report, there are the following four opinion types that an auditor can formulate: an unqualified opinion (or clean report), qualified opinion, disclaimer of opinion, and adverse opinion. In this milestone, you will focus on the simplest opinion type: the unqualified opinion.

Scenario

You are an auditor for Tuesday & Co., CPAs. Your supervisor has asked you to prepare an audit report for Crusoe, one of the firm's clients. You begin your audit report by reviewing the relevant background information on Crusoe.

ACC 640 Tuesday and Crusoe Background Information Tuesday's audit report was submitted to Crusoe's board of directors based on the 2022 and 2023 comparative financial statements. Tuesday conducted an audit of Crusoe's internal controls over financial statements based on the 2013 COSO framework. No material weaknesses were identified. Below is the information for 2022 and 2023, respectively: For the year ended December 31, 2022, Tuesday & Co., CPAs ("Tuesday") audited the financial statements of Crusoe, a public company, and expressed an unqualified opinion of the balance sheet only. Tuesday did not observe the count of the physical inventory as of December 31, 2021, because that date was prior to its appointment as auditor. Tuesday was unable to satisfy itself regarding inventory by means of other auditing procedures, so it did not express an opinion on the other financial statements that year. For the year ended December 31, 2023, Tuesday expressed an unqualified opinion on all the basic financial statements and satisfied itself as to the consistent application of Generally Accepted Accounting Principles. The fieldwork was completed on March 12, 2024; the partner in-charge reviewed the working papers and signed the auditor's report on March 19, 2024. The report on the comparative financial statements for 2023 and 2022 was delivered to Crusoe on March 21, 2024.

Directions

Prepare the audit report for the firm's client.

Specifically, you must address the following rubric criteria:

Outline the possibleassertionsregarding the financial data. Consider the following:
1. Accuracy and valuation, existence, completeness, rights and obligations, and presentation and disclosure

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