Baker & Baker, CPAs, pre-pared the following report on the interim financial information of Micro Mini Company.
Question:
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, with explanation, the erroneous portions in it.
b. Rewrite the report.
Audit ReportThe 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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Related Book For
Auditing and Assurance Services
ISBN: 978-0077862343
6th edition
Authors: Timothy Louwers, Robert Ramsay, David Sinason, Jerry Straws
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