1. Within modified audit reports, identify and explain the different types of audit opinions that auditors can issue?
2. Discuss the auditor’s responsibility for detecting subsequent events prior to signing the audit report.
3. Fabrication Holdings Ltd (FH) has been a client of Keith & Fiona Partners for many years. You are a senior auditor and have been assigned to the FH audit for the first time for the financial year end 30 June 2017. FH’s financial report for the year ended 30 June 2017 shows land and buildings at fair value of $20.8 million. As part of your subsequent events procedures, you become aware that FH sold the property on 30 July 2017 when an independent third party made an unexpected offer of $24.5 million. The difference between the sale price and the amount stated in the financial report (which has not been adjusted) is material. The audit report will be signed on 15 August 2017.
I. Analyse the events surrounding the sale of land and buildings. Is it a subsequent event? If so, which type?
ii. Explain what type of audit opinion you would issue. Why?
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