Christopher Rossi, CPA has been engaged by the Barrington Company, a nonpublicly held manufacturer of children's toys, to review Harrington's December 31, 1999 financial statements. Rossi accepts the engagement, and performs inquiries and analytical procedures sufficient to provide a reasonable basis for expressing negative assurance that no material modifications are necessary to conform the statements with generally accepted accounting principles. While making inquiries of Harrington's chief financial officer, Rossi discovers that land is carried at appraised value rather than historical cost, and that the company refuses to adjust the December 31, 1999 statements. All inquiries and analytical procedures are completed on January 28, 2000.

Required: 

Prepare the review report Rossi would present to Harrington's board of directors, assuming the effect on financial statements of carrv'ing land at appraised value has not been determined by management.