You are a new member of the audit committee and board of directors of Easy Mix Cement Inc. Easy Mix was a private company using ASPE until last year, when it became a publicly traded company using IFRS. You are about to attend your first meeting of the audit committee, at which the year-end financial results, including key ratios, will be presented.
Instructions
Identify any of the limitations of financial statement analysis that you believe may apply to Easy Mix. Prioritize your list and prepare questions that you should raise at the audit committee meeting to help you better understand the financial results and ratios presented?