reports separately upon agreement of all parties. The balance sheets for 202W and 202x are presented in comparative form as are the other financial statements from 202V, 202W and 202x. Mary, Land & Terrapin, CPA's properly issued a separate unqualified opinion on internal controls for the year 202X, as did the predecessor auditor for 202V and 202W. The audit team of Bob Smith did not really investigate whether there were any critical audit matters, but assumed that since they were not any mentioned in the audit reports ofthe predecessor auditor that there would not be any now. Instructions: Though you may assume the information contained within the initial report above is correct, the initial report submitted by the staff accountant for Smith's review had many deficiencies. You must identify the deficiencies contained in the auditor's report above as well as indicate which paragraphs/sections contain the deficiencies. You will indicate a deficiency by placing a red circle (see to left) and pasting it over a letter corresponding to a deficiency within a given paragraph (I must see the underlying letter). Below is a list of potential deficiencies that also includes all the actual deficiencies in the report above. For example, if the report was not signed then you would select the line, \"Report not or incorrectly signed" and circle the letter N (since signatures are not part of a regular paragraph). Problems with paragraph headings will be considered problems of the same paragraph/section that the heading pertains. Some deficiencies may have more than one paragraph circled on the same line. The paragraph abbreviations, as they were identified in lecture notes, are: 0 - opinion paragraph, X - cross reference paragraph, ), B - Basis of Opinion paragraphs(s), M - management's responsibility paragraph, E - explanatory, emphasis-of-matter or other matters paragraph(s), C - for CAM paragraph(s) or Key Audit Matter(s), A - auditor's responsibility paragraph(s), and N - deficiency is not in a paragraph but in the report heading, salutation, or closing items (e.g., signatures). These letters (0, X, B, M, E, C, A, or N) are the ones you must circle. BOLDING will occur on every fifth line which is only done to make sure you can match letters to the correct deficiency line (i.e., so you don't accidentally select the wrong line for circling). You are to select THIRTEEN deficiencies (ONLY THIRTEEN!) as well as indicate which paragraph/section contains the deficiency by circling the paragraph/section letter on the line containing the deficiency. You must circle no more than THIRTEEN letters for the entire problem. If you circle more than THIRTEEN letters you will have ONE point taken off for each additional letter circled. You will receive ONE point for each correctly circled