May Gems Sdn Bhd is a successful jewellery business. The company was recently bought over by Boon...

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Accounting

MayGems Sdn Bhd is a successful jewellery business. The company wasrecently bought over by Boon who engages his brother-in-law, Wan,to perform the audit. Wan has experience in auditing small businesscompanies but he has no experience or knowledge with the jewelleryor gems business. After completing all the steps of the auditprocess, Wan issues an unqualified opinion that provides reasonableassurance that the company's financial statements contain nomaterial misstatements. Comment on any potential problems withWan's audit of May Gems Sdn. Bhd.

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We cannot say that Wasnt report will report will have compulsorily potential mistake but there is a chance to have in following areas 1 As we know the wan has no experience about this type of audit so he See Answer

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