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12L IM Optional Auditor's Report

12L IM Optional Auditor's Report - b If Optional Exercise 3...

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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, & WATERSHED Certified Public Accountants 615 Big City National Bank Building Main at Michigan Avenue Chicago, Illinois 60612 Phone: (312) 555-4452 Fax: (312) 555-9991 Internet: www.aowcpa.com Independent Auditor s Report Board of Directors and Stockholders The 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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