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Explain how the situation would affect your audit report

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Reference no: EM132743907

Question: You are the audit partner in the following material scenario: Due to the effects of COVID-19 on your audit client's operations, they are experiencing severe cash flow problems in the current year. In your professional opinion, you believe that the going concern assumption is a material uncertainty. The audit client has followed your recommendations and adequately disclosed the material uncertainty in their annual report. Required: Analyse and explain how the situation would affect your audit report.

Reference no: EM132743907

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