ACC 410 Week 5 Assignment Audit Report Modifications Paper

May 8th, 2015
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ACC 410 Week 5 Assignment Audit Report Modifications Paper

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Audit Report Modifications(Your Name)ACC410 Auditing(Instructors Name)(Date)Audit Report ModificationsAudit report modifications are used when the auditors encounter a scope limitation, a deviation from generally accepted accounting principles, a problem with the application of methods, or deficient financial statement disclosures. Whenever the auditor expresses an opinion that is other than unqualified, a clear description of all the substantive reasons should be included in the report and unless impracticable, a quantification of the possible effects on the financial statements. Items 1 through 6 present various independent factual situations an auditor might encounter in conducting an audit. For each situation assume: The auditor is independent. The auditor previously expressed an unqualified opinion on the prior years financial statements. Only single-year (not comparative) statements are presented for the current year. The conditions for an unqualified opinion exist unless contradicted in the factual situations. The conditions stated in the factual situations are material. No report modifications are to be made except in response to the factual situation.Using the list of Types of Opinions and Report Modifications provided for this assignment, the type of opinion and modifications an auditor would normally select are shown following each situation.1. In auditing the long-term investments account, an aud

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