You are the auditor of MLS Ltd, an educational institution. For the financial year ended 31 December 2018, MLS disclosed in its financial statements that its provisions for employee benefits had increased by $33 million following the adoption of a new accounting standard. The new accounting standard is due to become effective on 1 July 2020. Required: Select which form of opinion you would consider the most appropriate to use. Give reasons.
You are the auditor of MLS Ltd, an educational institution. For the financial year ended 31 December 2018, MLS disclosed in its financial statements that its provisions for employee benefits had increased by $33 million following the adoption of a new accounting standard. The new accounting standard is due to become effective on 1 July 2020. Required: Select which form of opinion you would consider the most appropriate to use. Give reasons.
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
Chapter17: Other Services Provided By Audit Firms
Section: Chapter Questions
Problem 53RSCQ
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