Economics · Audit Reports
If an auditor is unable to attend the year-end physical inventory count and alternative procedures fail to provide sufficient appropriate audit evidence regarding material inventory balances, what audit opinion and disclosure are appropriate?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Qualified opinion, with the reasons detailed in the 'Basis for Qualified Opinion' section.✓
- 2Disclaimer of opinion, with the details disclosed in the 'Emphasis of Matter' paragraph.
- 3Qualified opinion, with the details disclosed only in the 'Key Audit Matters' section.
- 4Adverse opinion, with the reasons detailed in the 'Other Matter' paragraph.
Correct answer
Qualified opinion, with the reasons detailed in the 'Basis for Qualified Opinion' section.
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