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A. In terms of an independent auditors report, explain modified audit report. B. Relate TWO...

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Accounting

A. In terms of an independent auditors report, explain modified audit report.

B. Relate TWO (2) circumstances under which an auditor would issue a modified audit opinion.

C. For each situation below, describe implications for an independent auditors report:

i. Sandy Beach Hotel is being sued by a competitor for theft of intellectual property. The amount of the claim is material and the case could go either way. This claim is not mentioned anywhere in the financial statements.

ii. HanLue Company is a cash retailer and there is nothing to confirm the accuracy of cash sales.

iii. Calvin Company has neglected to include a statement of profit and loss in its financial statements.

D. When does an auditor issue a disclaimer audit report?

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