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P4-39A. (Learning Objective 1: Expressing an audit opinion) You have just completed the...

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P4-39A. (Learning Objective 1: Expressing an audit opinion) You have just completed the audit of four companies: Summer, Autumn, Winter, and Spring. The conclusions of the audits are summarized below for each company. Summer: Its financial statements fairly represent the company's financial position and per- formance, but the audit team disagreed with management's use of a particular estimate. 1 Autumn: Its financial statements are wrought with errors, as the accountant has com- pletely messed up the translation of various foreign currencies in numerous accounts. As a result, the Balance Sheet, whilst still balanced, is not a faithful representation of the eco- nomic phenomenon during the financial period. Winter: The accountant was not able to explain numerous discrepancies. One of the major problems was that the receivable, inventory, and payable control accounts do not tally with their respective sub-ledger, making it impossible to audit. 1 Spring: The audit highlighted a number of immaterial differences in the calculation of depreciation for the year. Requirements Propose the most appropriate type of audit opinion for Summer, Autumn, Winter, and Spring based on the audit notes above

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