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That our audits provide a reasonable basis for our

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that our audits provide a reasonable basis for our opinion. As As described indescribed inNoteNote X,X, thethe partnershpartnership’sip’s policy ispolicy istoto prepare itsprepare itsfinancial statementsfinancial statements onon the the accounting basis used for income tax purposes; consequently, certain revenue and related accounting basis used for income tax purposes; consequently, certain revenue and related assets are recognized when received rather than when earned, and certain expenses are assets are recognized when received rather than when earned, and certain expenses are rerecogcogniznizededwhwhenenpapaididrarathetherrthathannwhwhenenthetheoblobligaigatiotionnisisinincurcurredred.. AcAccorcordidingnglyly,, ththe accompanaccompanying finanying financial statemecial statements are not ints are not intendedntendedtotopresent finpresent financial poancial positionsition and resuland results ts of operations in conformity with financial reporting standards.of operations in conformity with financial reporting standards.In adIn addition,dition, the cothe companympanyisisinvolvedinvolved in conin continuingtinuing litigatilitigation relon relating tating toopatentpatent infringinfringement.ement.The amount of damages resulting from this litigation, if any, cannot be determined at this time.The amount of damages resulting from this litigation, if any, cannot be determined at this time.In our opinion, the financial statements referred to above present fairly the assets, liabilities,In our opinion, the financial statements referred to above present fairly the assets, liabilities,and capital of the Vanda & Corona partnership as of December 31, 2014, and its revenue and and capital of the Vanda & Corona partnership as of December 31, 2014, and its revenue and expensesexpenses andchaandchangesinngesin itspartnitspartners’ers’ capitalcapital accountsfaccountsfortheorthe yearthenyearthenended,ended,onon the the income tax (cash) basis of accounting as described in Note X, which basis has been applied income tax (cash) basis of accounting as described in Note X, which basis has been applied in a manner consistent with that of the preceding year.in a manner consistent with that of the preceding year.[Sterling & Co.][Sterling & Co.][Date] [Date] CHAPTER 30CHAPTER 30NONAUDIT ENGAGEMENTS:NONAUDIT ENGAGEMENTS:PROCEDURES AND REPORTSPROCEDURES AND REPORTSQuestionsQuestions1.1.ExamExamples ofples of using “using “whatwhat has helhas held true id true in the pan the past wilst will holdl hold true in the ftrue in the future:uture:”(a)(a)evaevalualuatintingg the collethe collectictibilibilityty ofof accaccounountsts recreceiveivablablee basbaseded onon paspastt colcolleclectiotionhistory,history,(b)(b)evaluaevaluating invting inventorentory obsoley obsolescence oscence on the basn the basis of past uis of past usagesage pattepatternsrns

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Term
Fall
Professor
Marichu Fornolles
Tags
Financial audit

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