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Question: Assuming that the Audit is independent and an initial audit opinion issued is unqualified.

Below please find material information:

Case 1: The Company hires an actuary to calculate the superannuation which represent 35 percent of total liabilities. Result was close to the actual and able to support the financial statement.

Case 2: The Company has no proper accounting for 9 months due to no accounting person. A new accountant hire in April and she is putting back all the expenses but unable to reconcile bank balances. Auditor is not satisfied that all expenses and sales has been taken up completely.

In each case above,

What type of Audit Opinion will be given in both cases? (State any notes to the report, if any)

Explanation for the change of opinion, if any

Note: This is An Australian Audit context; just a short explanation relating to the type of audit opinion.

Auditing, Accounting

  • Category:- Auditing
  • Reference No.:- M92402018

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