[amanpreetsaini]

What was answer to the mcq: related to role of audit committee?

[amanpreetsaini]

Fernando you are right!. Provision of $2.6 million in litigation case was appropriate and should have been properly disclosed. But the treatment of receivable was not right.It should have been disclosed as contingent asset rather than receivable. Since the board refused to amend the statement so the modified opinion should have been made.
I was confused in Qualified or adverse opinion. was the receivable amount pervasive?

[amanpreetsaini]

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