Presented below is an audit report prepared by Baily, Jacobs, and Thompson, CPA's. They completed the audit on March 10, 1996. List at least 10 deficiencies in this report. Do not rewrite the report. Auditor's Report To: President of Dalton Corporation We have audited the accompanying financial statements of Dalton Corporation as of December 31, 1995. These financial statements ate the responsibility of the company's management. Our responsibility is to express an opinion on these statements based on our audit. We conducted our audit in accordance with generally accepted accounting principles form the audit to provide reasonable assurance Those principles require that we plan and per about whether the financial statements are free of material misstatement. An audit includes examining, 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 opinion. In our opinion, except for the effects of not capitalizing certain lease obligations that should be capitalized in order to conform with generally accepted accounting principles, the financial statements referred to above present accurately the financial position of Dalton Corporation as of December 31, 1995 in conformity with generally accepted accounting principles