Audit Reporting Assignment
Situation 1
During the audit of Shakkky Savings and Loan, Quick and Dirty, CPAs discovered no problems during the performance of the audit.
Type of Opinion ____________
Situation 2
During the audit of Shakkky Savings and Loan, another auditing firm in Seattle, Washington was engaged to audit a subsidiary of Shakkky Savings and Loan. Quick and Dirty, CPAs has decided to make reference to the other auditing firm in the audit opinion.
Type of Opinion ____________
Situation 3
During the audit of Shakkky Savings and Loan, another auditing firm in Seattle, Washington was engaged to audit a subsidiary of Shakkky Savings and Loan. Quick and Dirty, CPAs has decided not to make reference to the other auditing firm in the audit opinion.
Type of Opinion ____________
Situation 4
During the audit of Shakkky Savings and Loan, Quick and Dirty, CPAs discovered evidence that presented substantial doubt about Shakkky's ability to continue as a going concern. The substantial doubt could not be resolved, even after reviewing management's plan to deal with the going concern problem.
Type of Opinion ____________
Situation 5
During the audit of Shakkky Savings and Loan, Quick and Dirty, CPAs discovered that generally accepted accounting principles for determining depreciation had not been consistently applied between this year and last year.
Type of Opinion ____________
Situation 6
During the audit of Shakkky Savings and Loan, Quick and Dirty, CPAs discovered a related party transaction, The transaction was significant and Quick and Dirty, CPAs decided to include information pertaining to the transaction in the footnotes to the financial statements.
Type of Opinion ____________
Situation 7
During the audit of Shakkky Savings and Loan, Quick and Dirty, CPAs discovered a material departure from generally accepted accounting principles. However, the financial statements would have been misleading if generally accepted accounting principles had been followed.
Type of Opinion ____________
Situation 8
During the audit of Shakkky Savings and Loan, Quick and Dirty, CPAs discovered a departure from generally accepted accounting principles. The departure had a material effect on the financial statements.
Type of Opinion ____________
Situation 9
During the audit of Shakkky Savings and Loan, Quick and Dirty, CPAs discovered a departure from generally accepted accounting principles. The departure had a pervasive effect on the financial statements.
Type of Opinion ____________
Situation 10
During the audit of Shakkky Savings and Loan, Quick and Dirty, CPAs discovered a lack of adequate disclosure in the footnotes to the financial statements. The lack of disclosure had a material effect on the financial statements and the footnotes.
Type of Opinion ____________
Situation 11
During the audit of Shakkky Savings and Loan, Quick and Dirty, CPAs discovered a lack of adequate disclosure in the footnotes to the financial statements. The lack of disclosure had a pervasive effect on the financial statements and the footnotes.
Type of Opinion ____________
Situation 12
During the audit of Shakkky Savings and Loan, Quick and Dirty, CPAs experienced a circumstance imposed scope limitation that prevented the gathering of suffiicient evidence. The scope limitation had a significant effect on the auditor's ability to gather evedence and could not be overcome by performing other audit procedures.
Type of Opinion ____________
Situation 13
During the audit of Shakkky Saving and Loan, Quick and Dirty, CPAs experienced a circumstance imposed scope limitation that prevented the gathering of sufficient evidence. The scope limitation had a severe effect on the auditor's ability to gather evidence and could not be overcome by performing other audit procedures.
Type of Opinion ____________
Situation 14
During the audit of Shakkky Savings and Loan, Quick and Dirty, CPAs experienced a client imposed scope limitation that prevented the gathering of sufficient evidence.
Type of Opinion ____________