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A CPA, has completed the audit of the financial statements of a Corporation as of and for the year ended December 31, 2015.
A CPA, has completed the audit of the financial statements of a Corporation as of and for the year ended December 31, 2015. The CPA also audited and reported on the Corporation’s financial statement for the prior year. Note 3 of the Corporation’s financial statement described $500,000 investment that the Corporation has with a foreign affiliate. Note 3 also described the Corporation’s has an equity earning of with the same affiliate of $400,000, which is included the Corporation’s net income. The CPA was unable to obtain audited financial statements to support the Company’s investment described in Note 3. Although the CPA performed other auditing procedures, the CPA was unable to be satisfied as to the carrying value of the investment or the equity in the Corporation’s earnings.
a. Given the information provided above, state the appropriate audit report (audit opinion) the CPA should write.
b. Given your answer in part a, write the appropriate audit report.
