The following audit report has been drafted by one of your juniors:

List the errors in the form and content of this report.

Transcribed Image Text:

AUDIT REPORT ON THE FINANCIAL STATEMENTS OF B LTD. We have audited the financial statements of B Ltd in accordance with our standard audit procedures. We encountered the following problems in the course of our audit: The company manufactures high-technology electronic products. In order to determine whether stocks had been counted and valued correctly, we were obliged to rely on the advice of an independent firm of electronic engineers. Our examina- tion of the contents of the petty cash box revealed that the amount of cash in hand had been overstated by 3. We are, however, satisfied that the accounts give a true and fair view. The company has also complied with the disclosure requirements of the Companies Act 1985 and has also kept proper accounting records. G and Company, Chartered Accountants.