Identify if this requires a modification of or a deviation

Reference no: EM13128522

One of your audit clients has a material investment in a privately-held biosciences company. Your audit firm engaged a business valuation specialist to assist in evaluating the client's estimation of the investment's fair value. You conclude that the valuation specialist's work provides sufficient appropriate audit evidence.

a. Identify if this requires a modification of or a deviation from an unqualified standard report.

b. State the level of materiality as immaterial, material, or highly material

c. given your answers, state the type of audit report that should be issued

Reference no: EM13128522

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