W.E. Jolson, CPA, has issued the following report on the Bambino Lumber Company's balance sheet: I have audited the balance sheet of Bambino Lumber Co. for the period ended December 31, 19X1. Due to the urgency of the need for my statements, my audit was not made in accordance with generally accepted auditing standards. The accompanying balance sheet fairly presents the book values of the assets of Bambino Lumber Co. as of June 30, 19X1. However, the balance sheet is not certified in conformity, on a consistent basis, with generally accepted accounting principles. List and discuss the deficiencies in the CPA's report.