Compare the opinion provided by the independent auditor concerning management’s assessment of internal controls over the financial reporting system with the audit opinion on the financial statements. In general, we understand that the two opinions can be different. The auditor can express an unqualified opinion on the financial statements and a qualified opinion on the internal controls over financial reporting. Refer to the auditing standards No. 5 of the PCAOB. Explain the circumstances surrounding the decision of the auditors to express two different opinions.
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