The following audit opinion was issued for the 30 June 20X1 financial statements of National Distributors Ltd:

Question:

In our opinion, except for the effects of such adjustments, if any, on the financial report, as might have been disclosed had we been able to observe the physical inventory taken on 30 June 20X1 and to make other tests, the financial report of National Distributors Ltd is in accordance with ...

REQUIRED

a. Identify the condition resulting in this audit opinion.

b. Describe in as much detail as possible the nature of the remainder of the auditor's report that resulted in this opinion.

Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...