L2 Notes_Part_6 - amounts included for those subsidiaries,...

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Signature/Date Deloitte & Touche August 10, 1996 Engagement Partner’s Audit Firm Last day of fieldwork
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GAAS Hunt Auditor’s Report To the management of ABC, Inc. We have examined the consolidated balance sheets of ABC, Inc. and subsidiaries as of December 31, 2009 and 2010, and the related consolidated statements of income, retained earnings, and cash flows for the years then ended. These financial statement are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements based on our audits Our audits were made in accordance with auditing standards generally accepted in the USA as we considered necessary in the circumstances. Other auditors audited the financial statements of certain subsidiaries and have furnished us with reports thereon containing no exceptions. Our opinion expressed herein, insofar as it relates to the
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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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L2 Notes_Part_6 - amounts included for those subsidiaries,...

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