ACCT644 Phase 5 IP Audit Report & Subsequent Events - Phase...

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Phase 5 Project Complete Audit and Subsequent Events Colorado Technical University Online ACCT644-1404B-01: Management Control and Auditing Professor: Dr. Carla Hodge December 21, 2014
Part 1 MOHN’S INDEPENDENT AUDITORS’ REPORT TO THE BOARD OF DIRECTORS, STOCKHOLDERS, OWNERS, AND/OR MANAGEMENT OF BOVAR COMPANY 123 Executive St. Toledo, OH 43605 United States An audit consists of investigating, on a sample basis, proof that reinforces the figures and disclosures in the fiscal records. An audit also includes assessing the bookkeeping ethics utilized and substantial approximations made by managers, as well as assessing the total fiscal record presentation. We trust that our audits deliver a realistic basis for our opinion. Report on the Financial Statements We were engaged to audit the fiscal records of Bovar Company, (an Ohio corporation), which include the balance sheet as of December 31, 2013, and the associated income statement, retained earnings statement, and the cash flows for the same ending period, and the correlating notes to the financial records. Management's Responsibility for the Financial Statements Management is accountable for the formulation and fair presentation of these combined financial records in agreement with U.S. GAAP; this encompasses the plan, application, and conservation of internal controls that are pertinent to the formulation and fair presentation of combined

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