Questions: 1. What are the audit procedures for identifying contingent liabilities?

2. Discuss the theories of ethical behavior?

3. Explain each of the three Prime Plus Services typically offered by practitioners?

4. The following four situations require a modification to the standard unqualified/unmodified audit report. Identify the modification required for each.

a. Opinion based in part on the report of another auditor.

b. Going concern.

c. Lack of consistency.

d. Additional emphasis.

5. Read the following figure given to answer the following questions:

a. What is the figure about and name the client and the auditor?

b. Explain its content relating it to the standards of PCAOB/ASB in reporting audited financial statements.

c. Do you find all the elements as you have learnt, or do you find any difference? Ifyes, bring out the differences.

d. What is your opinion about the going concern according to the report?