Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

can you help me do this please... Thank You... I just want to check whether my answer is correct or not (AICPA, adapted) [8] 18-27

image text in transcribed

can you help me do this please... Thank You... I just want to check whether my answer is correct or not

(AICPA, adapted) [8] 18-27 On March 12, 2004, Brown & Brown, CPAs, completed the audit of the financial statements of Modern Museum, Inc., for the year ended December 31, 2003. Modern Museum presents comparative financial statements on a modified cash basis. Assets, liabilities, fund balances, support, revenues, and expenses are recognized when cash is received or disbursed, except that Modern includes a provision for deprecia- tion of buildings and equipment. Brown & Brown believes that Mod- ern's three financial statements, prepared in accordance with a comprehensive basis of accounting other than generally accepted ac- counting principles, are adequate for Modern's needs and wishes to issue a special report on the financial statements. Brown & Brown has gathered sufficient competent evidential matter to be satisfied that the financial statements are fairly presented according to the modified cash basis. Brown & Brown audited Modern's 2002 finan- cial statements and issued an auditor's special report expressing an unqualified opinion. Required: Draft the audit report to accompany Modern's comparative financial statements

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

International Financial Accounting And Reporting

Authors: Ciaran Connolly

2nd Edition

0903854724, 978-0903854726

More Books

Students also viewed these Accounting questions

Question

When should you avoid using exhaust brake select all that apply

Answered: 1 week ago