Baker & Baker, CPAs, pre-pared the following report on the interim financial information of Micro Mini Company.

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Baker & Baker, CPAs, pre-pared the following report on the interim financial information of Micro Mini Company. The interim financial information was presented in the first quarterly report for the three-month period ended March 31, 2015. No comparative quarterly information of the first quarter of the prior year was presented. Baker & Baker completed a review in accordance with standards established by the AICPA and found that, to the best of their knowledge, the information was presented in conformity with GAAP. In an audit report dated January 21, 2015, Baker & Baker had given a standard unmodified audit report on Micro Mini’s 2014 and 2013 annual financial statements.
Report of Independent Auditors
To the Board of Directors and Stockholders,
Micro Mini Company:
We have made a review of the balance sheet of Micro Mini Company at March 31, 2015, the related statement of income and comprehensive income for the three- month period ended March 31, 2015, and the statement of cash flows for the three- month period ended March 31, 2015, in accordance with standards established by the American Institute of Certified Public Accountants.
A review of interim financial information consists principally of obtaining an understanding of the system for the preparation of the interim financial information, applying analytical review procedures to financial data, and making inquiries to persons responsible for financial and accounting matters.
In our opinion, the accompanying interim financial information presents fairly, in all material respects, the financial position of Micro Mini Company at March 31, 2015, and the results of its operations and its cash flows for the three- month period then ended in conformity with generally accepted accounting principles.
March 31, 2015

Required:
a. Review the report and list, wit​​​​h explanation, the erroneous portions in it. 

b. Rewrite the report.

Audit Report
The audit report is issued by a certified public accountant who is appointed by the shareholders to provide assurance upon the truth and fairness of the financial statements prepared by the managers of the company. Audit report contains the...
Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
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Auditing and Assurance Services

ISBN: 978-0077862343

6th edition

Authors: Timothy Louwers, Robert Ramsay, David Sinason, Jerry Straws

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