Acc 410 Week 5 Assignment

1. In auditing the long-term investments account, an auditor is unable to obtain audited financial statements for an investee located in a foreign country. The auditor concludes that sufficient appropriate audit evidence regarding this investment cannot be obtained.

In this situation, where the auditor cannot obtain financial statements for an investee, it would represent a scope of limitation for the auditor. F, Either a disclaimer of opinion or an "except for" qualified opinion would be used, or the auditor would have the option to use a disclaimer. The auditor would use the report modification M, which would describe the circumstances in an explanatory paragraph following the opinion paragraph, and modify the scope and opinion paragraphs.

1. Due to recurring...