You are the manager for the assertion-based examination engagement of the financial projection of Honeys Health Foods as of December 31, 2021, and for the year then ended. The audit senior, Currie, has prepared the following draft of the examination report:

Board of Directors Honeys Health Foods Company

We have taken a careful look at the accompanying projected balance sheet, statements of income, retained earnings, and cash flows of Honeys Health Foods Company as of December 31, 2021, and for the year then ending, based on guidelines for the presentation of a projection established by the American Institute of Certified Public Accountants. Our responsibility is to describe the results of our work on the projection based on our examination.

An examination requires that we plan and perform the engagement to obtain reasonable assurance about whether the projection is presented in accordance with the guidelines for the presentation of a forecast, in all material respects. We believe that our examination provides a reasonable basis for our opinion.

An examination involves performing procedures to obtain evidence about the projection. The nature, timing, and extent of the procedures used depend on our judgment, including an assessment of the risks of material misstatement of the projection. In our opinion, the accompanying projection is presented, in all material respects, in conformity with guidelines for presentation of a projection established by the American Institute of Certified Public Accountants, and the underlying assumptions provide a reasonable basis for managements projection, assuming the granting of the requested loan for the purpose of expanding Honeys Health Foods Companys plant described in the summary of significant assumptions.

Casper and Scammer, CPAs

Bradenton, FL

Required:

Identify the deficiencies in Curries draft of the examination report. List the deficiencies sequentially as they appear in the report.