Question: 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

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. In Project Two in Module Nine, you will consider all four opinion types. You are an auditor for Tuesday & Co., CPAs. Your supervisor has asked you to prepare an audit report for Crusoe, one of the firms clients. You begin your audit report by reviewing the relevant background information on Crusoe. Prepare the audit report for the firms client. Specifically, you must address the following rubric criteria: Outline the possible assertions regarding the financial data. Consider the following: Accuracy and valuation, existence, completeness, rights and obligations, and presentation and disclosure Describe the control gaps and anomalies (Critical Audit Matters (CAMs)) present in the summary of audit findings. Describe the connection between the findings and generally accepted auditing standards (GAAS). Summarize an opinion of the audit results. Include the following: The validity of the resultsThe impact of the external audit on the client Identify the required elements to be communicated (CAMs) in the audit report. 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.
This milestone will give you practice with

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