The following report was prepared by M. Salvemini, CPA, to accompany unaudited financial statements: We have prepared the statement of net worth, dated November 30, 19X1, that is attached hereto. This statement was prepared from the books and records of account as maintained in your office. At your request, our audit included verification that current assets and current liabilities were accurately stated. Each asset is stated at cost, and profit increment in the work in progress is not included as an asset. Since our audit did not include as many audit procedures as would be required in a complete certified audit, certification of the statement as a whole is withheld. List and discuss the deficiencies in the CPA's report.