5. During the year, changes in the market resulted in a significant decrease products, which are now being sold significantly below cost. The client refuses to write- products or to increase the reserve for obsolescence, the auditor should issue a(n): a) Unqualified opinion. b) Unqualified opinion with explanatory paragraph. C) Qualified opinion. Adverse opinion. d) e) Disclaimer of opinion.

5. During the year, changes in the market resulted in a significant decrease products, which are now being sold significantly below cost. The client refuses to write- products or to increase the reserve for obsolescence, the auditor should issue a(n): a) Unqualified opinion. b) Unqualified opinion with explanatory paragraph. C) Qualified opinion. Adverse opinion. d) e) Disclaimer of opinion.

Auditing: A Risk Based-Approach to Conducting a Quality Audit

10th Edition

ISBN:9781305080577

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter4: Professional Liability, Auditor Judgment Frameworks, And Professional Responsibilities

Section: Chapter Questions

Problem 54RSCQ

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