Ray,an independent auditor,was engaged to perform an audit of the financial statements of Zena Incorporated one month after its fiscal year had ended.Although the inventory count was not observed by Ray,the auditors were able to obtain sufficient appropriate audit evidence by applying alternative auditing procedures.Rays audit report will probably contain:

Question

Quizplus · Accepted Answer

Although Ray did not observe the inventory count, the auditors were still able to obtain sufficient appropriate audit evidence by applying alternative auditing procedures. Therefore, there is no reason to qualify or disclaim the opinion, nor is there a need for an emphasis-of-matter paragraph or "except for" qualification. Instead, a standard unmodified opinion is likely to be issued.

Ray,an Independent Auditor,was Engaged to Perform an Audit of the Financial