L20 Notes_Part_15 - statements for many years. During the...

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GAAS Departures Is the scope limitation material? Alternative procedures available? Can it be “compartmentalized”? Qualified Report Standard Report Disclaimer of Opinion No Scope limitation identified Standard Report Yes Yes No No Yes positive confirmations not received, alternative procedures failed Inventory observation after year end but records don’t allow auditor to back into Y/E inventory Unaudited entity reported on F/S using the equity method Client’s attorney will not respond Client will not provide the minutes of the board of directors.
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Audit Reporting Problem The CPA has examined Ginkgo Corporation's financial
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Unformatted text preview: statements for many years. During the year just ended a service bureau was employed to process by computer the corporation's financial data. The CPA knows very little about computers and does not wish to conduct the audit for the year just ended. The CPA and the president of the corporation are old friends, however, and the president persuaded the CPA that he should not withdraw from the engagement. After glancing at the records and comparing the current year's statements with those of earlier years, the CPA believes that the statements prepared by the service bureau are stated fairly....
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This note was uploaded on 10/05/2011 for the course ACG 5637 taught by Professor Monikacaushoulli during the Fall '08 term at University of Florida.

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L20 Notes_Part_15 - statements for many years. During the...

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