Reference no: EM133186990
Question - For each of the situations below, indicate the type of opinion to be issued (unmodified/unqualified, modified unqualified, Qualified, Adverse, disclaimer) Assume each situation is material, unless noted otherwise
a) You hire another CPA Firm to do 10% of the revenues and assets of your client. You take responsibility for the other CPA Firm's work.
b) Your client omits a material disclosure and when asked by you to provide it in the financial statements, he refuses to do so.
c) Your client makes a material change in estimate.
d) Your client refuses to furnish you with a management representation letter at the conclusion of the audit.
e) Your client changes depreciation methods from accelerated to straight line and provides the proper disclosure. The change from year to year is not material.
f) Your client has prepared the financial statements on a cash basis and refuses to use the accrual basis.
g) The company has extended a a loan to a board member at a below market value interest rate. The company has provided adequate disclosure and you want readers of the financial report to be aware of this transaction.
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Indicate the type of opinion to be issued
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