Required: Highlight five errors in this audit report along with an explanation for each error. (3 marks for each error: 1 mark for identification and 2 marks for the justification)
Do not rewrite the report or include missing sections as an error (e.g. Key matters or additional requirements).
Cartman, Griffin, and Simpson LLP's Audit Report of Kurr Rupt Inc. Financial Statements as of December 31, 2019
To the Bankers of Kurr Rupt Inc.
Opinion
We have audited the Income Statement, Balance Sheet, Cash Flow Statement, Statement of Equity, and all relevant financial notes and disclosures of Kurr Rupt Inc. as of December 31, 2019.
In our opinion, the aforementioned financial statements present accurately, in all material respects, the financial position of the Company as at December 31, 2019, and its financial performance and its cash flows for the year then ended.
Basis for Opinion
We have conducted our audit of the financial statements in accordance with International Regulatory Financial Standards (IFRS). Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company in accordance with the Provincial Ethics Standards Board for Accountants' Code of Ethics for Professional Accountants together with the ethical requirements that are relevant to our audit of the financial statements, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code. We believe that the audit evidence we have obtained is sufficient and appropriate o provide a basis for our opinion.
Responsibilities of Management and Those Charged with Governance for the Financial Statements
Manggement is responsible for the preparation and fair presentation of these financial statements in accordance with the
