There Are Three Conditions Necessitating a Departure from an Unqualified

question 120

Essay

There are three conditions necessitating a departure from an unqualified audit report. Name, discuss and state the appropriate audit report for each of these three conditions.

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Definitions:

Forklift

A powered industrial truck used for lifting and moving materials over short distances, commonly found in warehouses and manufacturing facilities.

Restrictive Covenant

A private restriction on the use of land. If its benefit or obligation passes with the land’s ownership, it is said to “run with the land.”

Ongoing Business

A term referring to a company or enterprise that is actively engaged in business operations without interruption.

Specific Performance

A legal remedy in contracts law where a court orders a party to perform their obligations under a contract, rather than simply paying damages.