Week Two - about whether the statements are free of...

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The title does not include the word “independent.” The audit report is addressed to the Audit Committee instead of being addressed to the company, its stockholders, or the board of directors. The first paragraph says “we have examined the consolidated balance sheets…” although it is supposed to make the simple statement that the CPA Firm has done an audit. The scope paragraph is supposed to state that the audit is designed to obtain reasonable assurance
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Unformatted text preview: about whether the statements are free of material misstatement. The audit report fails to address the audit evidence accumulated was appropriate for the circumstances to express the opinion expressed. This statement also must include the words “test basis.” The assistance from other auditors (i.e. Dr. Brandon Johnson) should have been included in the first paragraph....
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