Question
George Zimmerman's company George's Auto Service, is a successful auto repair shop in Mount Olive with one store. George wants to open up a store
George Zimmerman's company George's Auto Service, is a successful auto repair shop in Mount Olive with one store. George wants to open up a store in Goldsboro. George applies to Southern Bank for a business loan and the bank officer state that he must submit an independent audit before obtaining financing. George hires his sister-in-law, Jane Austin, to perform an audit for him. Jane has experience in auditing non-profit organizations and agrees to do his audit. After completing the same steps she uses for non-profits, Jane issues an unqualified opinion stating George's financial statements are in great shape. Comment on any potential problems with Jane performing George's audit.
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