B. During the audit of LDF Co's bad debt provision, the auditor discovered that £500,000 of costs included in the provision did not meet the criteria for inclusion based on the applicable accounting standards. The management of LDF suggested that no adjustment is required as the provision is a matter of judgement and the current provision is deemed reasonable by the management. Requirement: 1. Discuss the differences between the modified and unmodified audit reports. 2. Discuss the above issue and describe the impact of this issue on the auditor's report, if any, should this issue remain unresolved.

B. During the audit of LDF Co's bad debt provision, the auditor discovered that £500,000 of costs included in the provision did not meet the criteria for inclusion based on the applicable accounting standards. The management of LDF suggested that no adjustment is required as the provision is a matter of judgement and the current provision is deemed reasonable by the management. Requirement: 1. Discuss the differences between the modified and unmodified audit reports. 2. Discuss the above issue and describe the impact of this issue on the auditor's report, if any, should this issue remain unresolved.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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