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  Explain how the standard audit report on the financial statements would be modified if reference is made to a component auditor

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  Explain how the standard audit report on the financial statements would be modified if reference is made to a component auditor.

2.       Distinguish between a limitation of scope and a departure from the financial reporting framework. Provide an example of each.

3.       Which would auditors consider to be more serious: a client-imposed scope limitation or a situation-imposed scope limitation? Provide an example of each to support your answer.

4.       Distinguish between a subsequent event and a subsequently discovered fact. What is the auditor’s responsibility for each?