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maam is it true that only MATERIAL adjusting events are necessary to be adjusted for? and immaterial adjusting events even if ignored will be tolerated by auditors and not lead to modified opinion?
CORRECT. .. see the auditor’s report as reproduced in the notes …. the opinion is clearly states “in all material respects”. The auditor will keep a schedule of all actual and potential misstatements in order to confirm that they are not material in aggregate. If they are, some adjustment(s) will be necessary if the opinion is to be unmodified.
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