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Hi Mike,
I would like to ask if for example we are a group auditor and the group recognise one of its significant component as associate whereas in substance it is a subsidiary.
If the figures of the component is material, will it gives you a material and pervasive effect and therefore lead to adverse opinion ?
It sounds like it could very well be pervasive. Pretty well every figure in the financial statements is understated!
I’m heading towards adverse opinion 🙁
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