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Which of the audit opinions should be issued

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Reference no: EM132753035

Pastrami operates four Italian "take away" shops. Inventory amounts to 15% of the company's total assets at the reporting date. Management performed a full year-end inventory count but did not allow the auditor to attend. The auditor has been unable to perform alternative procedures regarding the completeness and existence of inventory.

Problem 1: Which of the following audit opinions should be issued?

Option 1: Disclaimer of opinion as the matter is pervasive

Option 2: Unmodified with an emphasis of matter paragraph

Option 3: Qualified 'except for' a material misstatement

Option 4: Qualified 'except for' an inability to obtain sufficient evidence

Reference no: EM132753035

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