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In auditing the long-term investments account, Arens, CPA, is unable to obtain audited financial ...

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In auditing the long-term investments account, Arens, CPA, is unable to obtain audited financial ...

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

For each of the following situations below, identify the appropriate opinion type and report modification by selecting a choice from the appropriate tables below.

Situation	Opinion Type	Intro	Scope	Opinion	Exp1
1. Assume the potential effect on the financial statements is immaterial.
2. Assume the potential effect on the financial statements is moderate.
3. Assume the potential effect on the financial statements is high.

Opinion Type	Standard Paragraph Choice	Explanatory Paragraph
U Unmodified	O Omit	0 None required
Q Qualified	N No change	+ Insert before opinion
A Adverse	M Modify	- Insert after opinion
D Disclaimer

Textbook

Auditing and Assurance Services

Edition: 17^th

Authors: Arens, Elder, Beasley, Hogan

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