Young & Young, CPAs, completed an examination of the financial statements of XYZ Company, Inc., for the

Question:

Young & Young, CPAs, completed an examination of the of XYZ Company, Inc., for the year ended June 30, 2012 and issued a standard unqualified auditor's report dated August 15, 2012. At the time of the engagement, the board of directors of XYZ requested a special report attesting to the adequacy of the provision for federal and state income taxes and the related accruals and deferred income taxes as presented in the June 30, 2011 Young & Young submitted the appropriate special report on
August 22, 2012.
Required
Prepare the special report that Young & Young should have submitted to XYZ Company, Inc?
Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...