Instruction: Please answer the below question and put all of the answers in the provided ledger. (20%) I. An audit report prepared by Smithson and Gerard, CPAs is shown below. The audit for the year ended Dec 31, 2016 was completed on March 17, 2017, and the report was issued to Jacob corporation, a private company, on April 3, 2018. List eight deficiencies in this report. Do not rewrite the report. We have examined the accompanying financial statements of Dalton Corporation as of Dec 31, 2017. These financial statements are the responsibility of the company's management. Our responsibility is to express an opinion on these statements based on our audit. We concluded our audit in accordance with generally accepted accounting principles. Those principles require that we plan and perform the audit to provide reasonable assurance about whether the financial statements are free of misstatement. An audit includes examine, on a test basis, evidence supporting the amounts and disclosures in the financial statements. We believe that our audit provides a reasonable basis for our audit. In our opinion, except for the effects of not capitalizing certain lease obligations that should be capitalized in order to confirm with generally accepted accounting principles, the financial statements referred to above present accurately the financial position of Jacob Corporation as of December 31,2016. In conformity with accounting principles generally accepted in the United States of America Smithson and Gerard, CPAs. March, 2017