b.If Optional Exercise 3 is assigned, the auditor must decide whether GAAP was followed in disclosing the contingency. Assuming adequate disclosure, the unqualified opinion in part (a) should be rendered. The auditor still may wish to emphasize the matter in the report. If that option is selected, the opinion would be as follows:ANDERSON, OLDS, & WATERSHEDCertified Public Accountants615 Big City National Bank BuildingMain at Michigan AvenueChicago, Illinois 60612Phone: (312) 555-4452Fax: (312) 555-9991Internet: www.aowcpa.comIndependent Auditors ReportBoard of Directors and StockholdersThe Apple Blossom Cologne Company:We have audited the accompanying balance sheets of Apple Blossom Cologne Company, Inc. as of December 31, 2003 and 2002, and the related statements of income, changes in stockholders’ equity, and cash flows for the years then ended. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audits.
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Financial audit, Auditor's report, Blossom Cologne Company, apple blossom cologne