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Indicate the effect of the circumstances on auditor report

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Reference no: EM132828371

Assume you are an auditor and you are facing the following separate circumstances, the effects of all the items below are material:

  1. Your were appointed as the auditor of a client after the client's annual physical inventory count has been conducted. The accounting records are not sufficiently reliable to enable you to become satisfied as to the year-end inventory balances.
  2. A manufacturing company is currently negotiating with the bank an extension of a loan facility that is due for repayment shortly after the AGM; without this refinancing the business will not be able to continue operations.

REQUIRED

In the box below, provide your answers to:

Problem 1: Indicate the effect of the circumstances on your auditor's report if management were to refuse to make any changes you feel necessary in order that the financial report gives a true and fair view.

Reference no: EM132828371

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