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Scenario 1
Assume you are the auditor for Tender Treasures (TT), a daycare operator. You discover that throughout the year TT was not in compliance with the new child care regulations and is at serious risk of being closed down by the regulators. The possible impact of TT not being in compliance with the new child care regulations has not been addressed in the financial statements of TT.
Scenario 2
Assume you are the auditor for the Canadian Cancer Society. The society has eight different donation streams. Some of these donations include: donors who send cash donations directly to their office, cash donations from the relay for life campaign, cash donations that are received during the many special events held and donations from the annual lottery. There is a significant risk that some of the cash donations could be stolen or missing. Due to the nature of the donations, the auditor is unable to verify the completeness of all cash donations.
Required
For each scenario:
Problem 1: Indicate the type of auditor's report to be issued
Problem 2: Justify your conclusion in 1 by describing the conditions and nature of the issue that is affecting the type of audit report to be issued
Problem 3: Indicate if an additional audit procedure that would address any issues identified prior to the issuance of the audit report is necessary. If a procedure is necessary, explain the procedure.
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