Cassidy Ltd, a Listed Company, Refuses to Separately Disclose Directors

question 10

Multiple Choice

Cassidy Ltd, a listed company, refuses to separately disclose directors' fees of $2.5 million on the basis that they believe they are quantitatively immaterial.Profit for the last year was $980 million.The auditor should issue a(n) :

• A)adverse opinion.
• B)qualified opinion.
• C)unmodified opinion with an Emphasis of Matter paragraph.
• D)unmodified opinion.

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Definitions:

Trade Discounts

A reduction in price given by a supplier or manufacturer to a buyer based on the quantity of product purchased or the immediate payment of goods.

Future Marketing

Strategies and efforts made to plan and execute marketing activities targeting future trends and consumer needs.

Cash Discount

A reduction in invoice amount by a seller as an incentive for early payment by the buyer.

Net 30

A payment term that indicates the full payment is due 30 days from the invoice date.