accounting
For each of the following independent situations, assume that any amounts would be material.
(I) Indicate the TYPE of appropriate audit report; A. unqualified, B. qualified or adverse, C. qualified or disclaimer, D. Disclaimer, E. Qualified only, or F. Other. INDICATE the situation involved, i.e "Accounting situation", and DISCUSS the situation.
(II) State whether an explanatory paragraph [i.e. PCAOB audit] would be included, and if so, what would be included in the explanatory paragraph.
(III) For an UNQUALIFIED auditor's report, if the wording would be changed, indicate how it would be changed [Relates to Shared Report].
(iv) The auditor agrees to any accounting change, if the change is proper GAAP.
1. Part of the audit is being performed by another CPA firm. In the auditors' report, the Principle Auditor (Group Engagement Auditor) decides to make reference to the Other Auditor (Component Auditor).
2. The company changes from First-in, First -out (FIFO) to Last-in, First out (LIFO) for inventory valuation.
3. The CPA firm was not able to observe or take part in the taking of the company's physical inventory. The company uses the periodic inventory system to value inventory; perpetual inventory records are not available.
4. The company refuses to include a Statement of Cash Flows with the financial statements. Management feels that the Income Statement should be the users' focus.
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asap clearly pls Chapter 18 For each of the following independent situations, assume that any amounts...
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