Need to check work before submitting, thank you. Attached is the doc.

Descripti on Instructio ns Standard Audit Report (12 points) Your firm has many clients and many audit reporting obligations. The audits of most clients result in a standard report. The following draft represents the standard report that you contemplate for your nonissuers. Embedded in the draft are choices of words or phrases, two of which correspond with each blank in the Independent Auditor's Report. Select the appropriate word or phrase that should be included in each indicated area of the standard report. Note: you must match the word or phrase EXACTLY from the choices given. Take care in re-typing, and/or be certain you capture the entire word or phrase if you copy/paste from the choices provided. Independent Auditor's Report To: The Board of Directors We have Blank 1 (examined, audited) the accompanying balance sheet of X Company as of December 31, Year 1, and the Blank 2 (related, accompanying) statements of income, retained earnings, and cash flows for the year then ended. These financial statements are the responsibility of Blank 3 (the auditor, the entity's management). Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with U.S. Blank 4 (Generally Accepted Auditing Standards, Generally Accepted Accounting Principles). Those standards require that we plan and perform the audit to obtain Blank 5 (reasonable, absolute) assurance about whether the financial statements are Blank 6 (free of, free of material) misstatement. An audit includes examining, on a Blank 7 (sample, test) basis, evidence supporting the amounts and disclosures in the financial statements. An audit also indicates Blank 8 (examining, assessing) the accounting principles used and significant estimates made by Blank 9 (management, the auditor), as well as evaluating the overall financial statement presentation. We believe that our audit provides Blank 10 (an absolute, reasonable) basis for our opinion. In our opinion, the financial statements referred to above present fairly, Blank 11 (in all respects, in all material respects) the financial position of X Company and its operations and its cash flows for the year then ended in conformity with U.S. Blank 12 (Generally Accepted Auditing Standards, Generally Accepted Accounting Principles). Signature Date Descripti on Other Independent Auditors (4 points) Instructio ns The CPA firm's partner in charge is reviewing a draft of a paragraph that is intended to go into an audit report. The paragraph describes the use of an audit report prepared by other independent auditors on a client's subsidiary in forming an opinion on the client's statements. The draft is as follows: We did not audit the financial statements of D Company, which is a wholly owned subsidiary. Those statements were prepared by other auditors, and our opinion is based solely on the report of the other auditors. Indicate which of the following statements about the draft paragraph are \"true\" or \"false\" by selecting the appropriate choice. The paragraph is a qualification of the audit opinion. True False 1 points It is appropriate to divide responsibility with other auditors in a report. True False 1 points The paragraph should state that the financial statements of D Company were audited by the other auditors. True False 1 points The principal auditor's report should refer to the other auditor in the opinion paragraph of the report as well as in the scope paragraph. True False Descripti on Audit Opinions (6 points) Instructio ns Each of the following is phrase from a paragraph in an auditor's report. Assume that, except for the information indicated in the phrase, the report would have been a standard audit report. Select from the choices provided the most likely report type for each phrase. Each choice may be used once, more than once, or not at all. 1. Each of the following is phrase from a paragraph in an auditor's report. Assume that, except for the information indicated in the phrase, the report would have been a standard audit report. Select from the choices provided the most likely report type for each phrase. Each choice may be used once, more than once, or not at all. - ... the scope of our work was not sufficient to enable us ... - As discussed in Note 12, the Company changed its method of computing A . Adverse B . Subject to depreciation. C . Qualified D - We are not independent with respect to . Disclaimer XYZ Company ... E. - Standard Unmodified ... except for the effects of not capitalizing certain lease obligations as F. discussed in the preceding paragraph Unmodified with Explanatory Language ... - ... based on our audit and the report of other auditors ... - ... presents fairly in all material respects