Brown & Brown, CPAs, was engaged by the board of directors of Cook industries, Inc., to audit Cook's calendar year 2019 financial statements.The following report was drafted by an audit assistant at the completion of the engagement.It was submitted to Brown, the partner with client responsibility for review on March 7, 2020, the date of the completion of field work. Brown has reviewed matters thoroughly and properly concluded that an adverse opinion was appropriate.

Brown also became aware of a March 14, 2020 subsequent event which the client has properly disclosed in the notes to the financial statements.Brown wants responsibility for subsequent events to be limited to the specific events referred to the applicable note to the client's financial statements.

The financial statements of Cook Industries, Inc., for the calendar year 2018 were examined by predecessor auditors who also expressed an adverse opinion and have not reissued their report.The financial statements for 2019 and 2018 are presented in comparative form.

-----------------------------------Independent Auditor's Report--------------------------------------

To the President of Cook Industries, Inc. We have audited the financial statements of Cook Industries, Inc. for the year ended December 31, 2019.These financial statements, in which, as discussed in Note K, the Company has properly disclosed a subsequent event dated March 14, 2020, are the responsibility of the Company's management.Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted our audits in a accordance with standards that require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are in conformity with generally accepted accounting principles.An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation.We believe that our audit provide a reasonable basis for our opinion.

As discussed in Note G to the financial statements, the Company carries its property and equipment at appraisal values, and provides depreciation on the basis of such values.Further, the company does not provide for income taxes with respect to difference between financial income and taxable income arising because of the use, for income tax purposes, of the installment method of reporting gross profit from certain types of sales.

In our opinion, subject to the effects as discussed in the preceding paragraph, the financial statements referred to above do not present fairly, in all material respects, the financial position of Cook Industries, Inc. as of December 31, 2019 and 2018, and the results of its operations and its cash flows for the years then ended, applied on a basis consistent with that of the preceding year.

Brown & Brown, CPAs March 7, 2020*

Required:

Give at least 10 difficiencies of the assistant's draft auditor's report above.