A11 Twatt - Chapter 11 Tiffany Watt Assignment: A11...

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Chapter 11 Tiffany Watt Assignment: A11 December 8, 2011 AC 405 – E01 11-25. (a) Why was another auditor involved in the audit? In what paragraphs of the report was the other auditor mentioned? Another auditor was involved in this particular audit because there was a different auditor that audited the company’s subsidiaries previously. The other auditor was mentioned in the first, third, and fourth paragraphs. (b) Where is the going-concern problem discussed in the audit report? What language is used? Where is it discussed in the company’s financial statements? The going-concern problem is discussed in the fourth paragraph of the report. The explanatory language is as follows, “The accompanying financial statements have been prepared assuming that TOUSA, Inc. will continue as a going concern. As more fully described in Note 1, the Company filed a voluntary petition for reorganization under Chapter 11 of the United States Bankruptcy Code on January 29, 2008, which raises substantial doubt about the Company’s ability to continue as a going concern. Management’s plans in regard to this matter are also described in Note 1.” The going-concern problem is also discussed in more detail in the notes (Note 1; Note 4) of the company’s
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This note was uploaded on 02/02/2012 for the course BUSINESS 101 taught by Professor - during the Spring '11 term at Mississippi Valley State University.

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A11 Twatt - Chapter 11 Tiffany Watt Assignment: A11...

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