Reference no: EM132958757
Question - Cyprus LLP (Cyprus) is in the process of wrapping up an audit of the financial statements of Zeeman Brothers (Zeeman), a publicly registered company. Below are some audit notes made by Cyprus:
-Cyprus did not have any issues when it came to its independence on the audit engagement
-Zeeman did not materially violate generally accepted accounting principles
-Cyprus did have doubts about Zeeman remaining a going concern
-Apart from a key disclosure that was omitted by Zeeman Brothers, all disclosures were adequate. Upon recommendation by Cyprus, Zeeman agreed to make the necessary correction.
-There was no change in accounting principles that had a material effect on Zeeman's financial statements
-Cyprus was able to perform all necessary procedures
Required -
a. What audit opinion is appropriate given the notes above?
b. Explain your rationale for the audit opinion given the notes above?
c. Generally, what are the conditions that warrants the auditor to issue the opinion in your response in (a) above?
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