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Question - Wang and Partners has finished its external audit of Basia Mining Company. Basia has been in operation for only 2 years and trades in minerals. The auditors have one area of concern. Correspondence in the client's files indicates that the client is contingently liable for $1,000,000 for an environmental problem that occurred in a mine at one of its foreign joint venture operations with another company.
Assume that Basia did not record any contingent liability and that the auditors were unable to validate the liability, although they suspect one exists. The foreign company advised that it could not provide documentation due to pending litigation and confidentiality. The amount is highly material.
Required - Briefly explain whether a GAAP departure or scope limitation exists, and which audit opinion(s) would be appropriate in the circumstances. Fully discuss the changes that would take place, if any, to the standard unmodified Independent Auditor's Report.
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