02 PY Seniors Memo - incorrectly extended inventory for...

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APPLE BLOSSOM COLOGNE COMPANY Senior's Audit Memorandum December 31, 2002 To: Partner-in-Charge Apple Blossom Cologne Company Audit As senior-in-charge of the audit examination of the financial statements of Apple Blossom Cologne Company for the year ended December 31, 2002, I have prepared all accompanying working papers in accordance with generally accepted auditing standards and included all procedures considered necessary in the circumstances. I have performed all steps of the audit program. Other than those described in the following paragraphs, there were no special accounting or auditing problems encountered. When searching for unrecorded liabilities, it was discovered that the Company had not recorded a December utility invoice. I proposed an adjusting entry to record the $2,025 liability. Moreover, the Company had
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Unformatted text preview: incorrectly extended inventory, for which I proposed a $2,650 adjustment. The Company is liable to Big City National Bank for an unsecured note in the amount of $125,000. The note, which is due April 30, 2003, has been disclosed in the footnotes. No contingent liabilities were observed. It is my opinion that the accompanying draft of the client's financial statements is in accordance with generally accepted accounting principles with proper disclosure and that we may issue the unqualified opinion as shown in the accompanying draft of the audit report. Jasper W. Parsons Audit Senior February 7, 2003 15...
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