QUESTION 5 16 points Save Answer You are the Audit Manager on the external audit of Opera House Limited. The Senior Auditor has provided a draft audit report for you to review. You have validated there are no key audit matters. Before you submit the final version to the Partner, identify at least 8 distinct errors. (16 marks) The Independent Auditor's Report on a Complete Set of General-Purpose Financial Statements To the Management of Opera House Limited Opinion We have audited the accompanying financial statements of Wendleton Limited, which comprise the statement of financial position as at December 31, 2019, and the statement of comprehensive income, statement of changes in equity, and statement of cash flows for the year then ended, and notes to the financial statements, including a summary of significant accounting policies. In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Company as at December 31, 2018, and its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting Standards (IFRS). Basis for Opinion We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company in accordance with the Provincial Ethics Standards Board for Accountants' Code of Ethics for Professional Accountants together with the ethical requirements that are relevant to our audit of the financial statements in British Columbia, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code. Responsibilities of Management and Shareholders for the Financial Statements Management is responsible for the preparation and fair presentation of the financial statements in accordance with ASPE, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, management is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going-concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. Shareholders are responsible for overseeing the Company's financial reporting process. Auditor's Responsibilities and Description of the Audit Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is an absolute level of assurance, and is a guarantee that an audit conducted in accordance with CASs will always detect a material misstatement when it exists. Misstatements can arise from fraud and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Toronto, ON (Partner's Signature April 18, 2022 Chartered Professional Accountant 123 Main Street Toronto, ON M4T 2T1