Part 2 Audit Reports (36 points) nt situations, assume that D. Disited or a due appropriate audit report Aunqualified, Ose, C. qualified or disclaimer, d. 1.e. Accounting situation, y paragraph would be included, and inatory paragraph. For each of the following independent any amounts would be material. (1) Indicate the TYPE of appropriate B. qualified or adver laimer, E. Qualified only, or F. Other: INDICATE the situation involved. 1.0. NGC and DISCUSS the situation. (II) State whether an explanatory paragraph lanatory parould be 1 30, what would be included in the exp (11) For an UNQUALIFIED auditor's report, if the w Changed, indicate how it would be changed (Applies to Report). ont of Cash Flows with + The company refuses to include a Statement of Cash FLOWS the financial statements, Management feels that the income Statement should be the users' focus. Type Include Explanatory paragraph? Discussion Discussion 2. The client presents an appraiser's estimate as to the value of the company's land and buildings on the balance sheet. The company feels that this is more recent information. Type Include Explanatory paragraph? Discuss Discussion 3. The company changes from First-in, first out to Last-in, first out for inventory valuation. The auditor agrees with the reason for the change. Type Include Explanatory paragraph? Discussion Discussion

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