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Explain and describe the impact on the audit report

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You are the audit manager of Daffy & Co and you are briefing your team on the approach to adopt in undertaking the review and finalisation stage of the audit of your client Minnie Co. Profit before tax for the year is $10,000,000. You identified the following 3 issues:

  • Issue 1 Depreciation has been calculated on the total of land and buildings.
  • In previous years it has only been charged on buildings. Total depreciation is $2,000,000 and the element charged to land only is $700,000.

Required:

Question 1: Explain and describe the impact on the audit report if the above issue remain unresolved.

Reference no: EM132573116

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