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L20 Notes_Part_3 - employees in the summer of 2008 led to a...

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Reporting on the Financial Statement Audit: The Standard Unqualified Report The standard unqualified report is issued when the auditor has gathered sufficient evidence, the audit was performed in accordance with GAAS, and the financial statements conform to GAAP. Seven Elements 1. Report title 2. Addressee 3. Introductory paragraph 4. Scope paragraph 5. Opinion paragraph 6. Name of auditor 7. Audit report date.
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Audit Report Deficiencies To the Directors of The Rancho Corporation: We have examined the balance sheet and the related statement of income and retained earnings for the Rancho Corporation as of July 31, 2008. In accordance with your instructions, a complete audit was conducted. In many respects, this was an unusual year for The Rancho Corporation. The weakening of the economy in the early part of the year and the strike of plant
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Unformatted text preview: employees in the summer of 2008 led to a decline in sales and net income. After making several tests of sales records, nothing came to our attention that would indicated that sales have not been properly recorded. In our opinion, with the explanation given above, and with the exception of some minor errors that are considered immaterial, the aforementioned financial statements present fairly the financial position of The Rancho Corporation at July 31, 2008, and the results of its operations for the year then ended, in conformity with pronouncements of the Accounting Principles Board and the Financial Accounting Standards Board applied consistently throughout the period. Timothy Ross, CPA September 23, 2008...
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  • Fall '08
  • Generally Accepted Accounting Principles, standard unqualified report, The Rancho Corporation, Rancho Corporation

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L20 Notes_Part_3 - employees in the summer of 2008 led to a...

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