Required: For each of the above events, state the appropriate action (if any) that the auditor would require of the client in order to issue an unqualified audit opinion. Give reasons.

OPSM Opticians Ltd is a producer of fashion eyewear. The audit report for the year ended 30
June 20X9 was signed on 5 August 20X9 and along with the financial report was mailed to
shareholders on 10 August.
Consider the following independent events. Assume that each event is material.
I. On 5 July, OPSM Opticians entered into a new contract to supply eyewears to JDS, a new
major department store. The contract was similar in nature to other contracts previously
negotiated. (2 marks) (50- 80 words)
II. OPSM Opticians has invested significant funds in developing a new type of unbreakable
sunglass lens. On 8 July, OPSM Opticians applied for a patent for the lens, only to discover
that a competitor had lodged a similar application on 20 June. The granting of Trendy
Accessories’ application is now in serious doubt. (2 marks) (50- 80 words)
III. Internal audit has uncovered a major fraud at one of OPSM Opticians branches. The fraud
was perpetrated by two senior staff, acting in collusion over a number of years. The
internal auditors released their report to management on 15 July, after a highly
confidential investigation spanning several months. (2 marks) (50- 80 words)
IV. One of OPSM Opticians major customers, Leisure Pty Ltd, suffered a fire on 20 July. Since
Leisure Pty Ltd was uninsured, it is unlikely that their accounts receivable balance will be
paid. (2 marks) (50- 80 words)
V. On 25 July, a well-known financial planner advised his clients not to invest in OPSM
Opticians due to poor long-term growth prospects. The market price for OPSM Opticians
shares subsequently declined by 40%. (3 marks) (50- 80 words)
For each of the above events, state the appropriate action (if any) that the auditor would require
of the client in order to issue an unqualified audit opinion. Give reasons.

Tired of numerous paper assignments?
Rely on us and receive professional paper writing assistance!
Professional paper Writing Assistance

Who We Are

We are a professional website for customized writing. If you searched a question and stumbled into our website, you are in the right place to receive assistance with your coursework.

Do you handle any type of coursework?

Yes. We have displayed prior orders to demonstrate our experience. We can answer this question for you as we have previously. Please fill out our Order Form so that we may ensure its flawlessness. Correctly completing the order form will help our staff with reference, requirements, and future communication.

Is it hard to Place an Order?

  1. Click on the “Order Now” tab at the top menu or “GET A FREE QUOTE” icon at the bottom and a new page will appear with an order form to be filled
  2. Fill in the initial requirements in the small order form located on the home page and press “continue” button to proceed to the main order form or press “order” button in the header menu. Starting from there let our system intuitively guide you through all steps of ordering process. Submit detailed paper instructions, upload necessary files if needed and provide your contact information – you are almost done!
  3. Proceed with the payment- click on “PROCEED TO CHECKOUT” at the bottom of the page. From there, the payment sections will show, follow the guided payment process and your order will be available for our writing team to work on it. All your payments are processed securely through PayPal. This enables us to guarantee a 100% security of your funds and process payments swiftly.
  4. Delivery- Once finished, your final paper will be available for download through your personal dashboard. You will also receive an email notification with a copy of your paper attached to it.