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Question - You are auditing Indian Imports Ltd for the year ended 31 December 2019. The company is incorporated in Australia and imports a variety of products from India. A significant proportion (15%) of Indian Imports' assets, including warehouses and inventory, are located in Kolkata. In previous years, an accountant in Kolkata has inspected these warehouses and inventory on your behalf. Unfortunately, this year, due to recent economic and social turmoil, you have been unable to obtain assistance from the Kolkata accountant. The chief executive officer (CEO) of Indian Imports has assured you that the company will be able to continue as a going concern, as it is currently obtaining new suppliers and its existing customers and suppliers have expressed a desire to continue trading with the company. However, your audit procedures have not revealed any firm commitments from suppliers, customers or financiers, and you have doubts about the ability of the entity to continue as a going concern. The directors of Indian Imports have agreed to make disclosures indicating the extent of the problems they are facing. After reviewing the information, you are satisfied that the disclosures are adequate.
Required -
1. Discuss the auditor's opinion and the different types of auditor's opinion.
2. Discuss when the auditor's opinion can be changed. (Read the lecture slides).
3. Explain the most appropriate auditor's opinion for the Indian Imports for the year ended 31 December 2019.
Question 1: Most corporations use the accrual basis of accounting.
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