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Auditing: opinions, qualifications, GAAS violations, testing

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In the attached file are some questions about auditing (see attachment for reference).
Please answer questions in point form.

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Solution Summary

The 391 word response presents answers in point form as requested, but also includes short descriptions and comments about the issues. The solution discusses auditing including practical discussion about types of opinions, limitations, report qualifications, GAAS violations and quality of audit evidence and testing procedures.

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Q1. There are several types of reports which might satisfy the bank:

A compilation
A review

But more likely a report on agreed upon procedures. This type of report will list the procedures that were performed including the findings. None of these reports offer the assurance of an audit, but the bank has already agreed to take less or no assurance.

Q2.
a. This situation may be neither a GAAP departure nor a scope limitation. The auditor will have to assess the materiality limits to determine whether there is a departure from GAAP. Often 5% is used to determine materiality ...

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