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Unformatted text preview: amounts included for those subsidiaries, is based solely upon the reports of the other auditors. As fully discussed in the Note 7 to the financial statements, in 2010, the company extended the use of the LIFO method of accounting to include all inventories. In examining inventories, we engaged Dr. Irwin Sam (Nobel Prize winner 2002) to test check the technical requirements and specifications of certain items of equipment manufactured by the company. In our opinion, the financial statements referred to above present fairly the financial position of ABC Inc. As of December 31, 2010 and the results of operations for the years then ended, in conformity with US GAAP. Better and Best, CPA January 25, 2011 Four Categories of Audit Reports Standard Unqualified Unqualified with Explanatory Paragraph or Modified Wording Adverse or Disclaimer Qualified...
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- Fall '08
- Balance Sheet, Generally Accepted Accounting Principles, Financial audit, Auditor's report, ABC INC