Should an unqualified opinion be issued? Patty Schneider was performing the independent audit for Drake Storage, Inc. Patty was reviewing the work that her staff auditors had completed, and she had...

Should an unqualified opinion be issued?

Patty Schneider was performing the independent audit for Drake Storage, Inc. Patty was reviewing the work that her staff auditors had completed, and she had several concerns about the company’s financial statements. Patty’s staff had determined that Drake had underreported its cost of goods sold in order to overstate net income. Patty had spoken to Drake Storage’s audit committee and discussed her concerns. The audit committee disagreed with the accounting firm’s findings. What should Patty do?