Audit Assignment.docx - Magdalena Bieszczad Audit Reports Assignment Assignment 1 1 Disclaimer Client imposed limitations are considered important and

Audit Assignment.docx - Magdalena Bieszczad Audit Reports...

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Magdalena Bieszczad Audit Reports Assignment Assignment 1 1. Disclaimer- Client imposed limitations are considered important and have other effects on the audit. 2. Unmodified standard- the auditors decided to make a reference to the other information or auditors to express an opinion on the financial statements. 3. Qualified- The auditors believe that the financial statements are in conformity with GAAP except an issue about the loss contingency. The loss contingency should be reported in the notes to the financial statements. 4. Unmodified with an emphasis of matter paragraph- The client has changed from LIFO to FIFO for inventory purposes and the auditors concur with this change. The effect is considered material to the financial statements although inventory is not a large part of the total assets. 5. Adverse- since the management is not in a position to accept the necessary change and reporting regulations Assignment 2 1. Standard unqualified audit report- Bowles Co. is engaged in a hazardous trade and has
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