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What type of audit opinion would team issue

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Reference no: EM132613610

This is a theoretical question and independent of the JB Hi Hi audit. Assume Audit Firm X uses 1% of total assets as a base for calculating preliminary materiality. Assume that total assets is $1,000,000 and included in the total assets figure of $1,000,000 is an Inventory account balance of $150,000. As a result of their audit the auditors conclude that inventory in overstated by $16,500 and management refuse to adjust the financial statements to reflect the true situation. Do you think, showing workings, that:

Question (i) the inventory balance is fairly or unfairly stated? and/or

Question (ii) the entire financial statements are fairly or unfairly stated?

Question (iii) What type of audit opinion would your team issue?

Reference no: EM132613610

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