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Unformatted text preview: depreciation, leaving the restaurant a net worth calculated at Net Realizable Value of $100,000 at year end. The owners are committed to the business but the negative cash flow is troubling. Emphasis of a Matter Under certain circumstances an auditor may want to emphasize a specific matter regarding the financial statements even though he or she intends to express an unqualified opinion. Examples Related Party Transactions Subsequent events Prior years F/Ss audited by another firm Contingent liability This information should be presented in an explanatory paragraph....
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- Fall '08