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Describe the impact on the audit report

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Reference no: EM132573114

You are the audit manager of Daffy & Co and you are briefing your team on the approach to adopt in undertaking the review and finalisation stage of the audit of your client Minnie Co. Profit before tax for the year is $10,000,000. You identified the following issue:

  • Issue 3 Minnie Co's main competitor has filed a lawsuit for $5,000,000 against them alleging a breach of copyright; this case is ongoing and will not be resolved prior to the audit report being signed. The matter is correctly disclosed as a contingent liability.

Required:

Question 1: Discuss and describe the impact on the audit report if the above issue remain unresolved

Reference no: EM132573114

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