Cindy CPA completed field work on September 23, 2008, and issued the following report to the directors of The CMA Corporation:
To the Directors of The CMA Corporation:

We have audited the balance sheet of The CMA Corporation as of July 31, 2008 and the related statements of income and retained earnings. In accordance with your instructions, a complete audit was conducted.

We conducted our audit in accordance with generally accepted auditing standards. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. We believe that our audit was appropriate in the circumstances.
In many respects, this was an unusual year for The CMA Corporation. The weakening of the economy in the early part of the year and the strike of plant employees in the summer of 2008 led to a decline in sales and net income. After making several tests of sales records, nothing came to our attention that would indicate that sales have not been properly recorded.
In our opinion, with the explanation given above and the exception of some minor errors that are considered immaterial, the aforementioned financial statements present fairly, in all material respects, the financial position of The CMA Corporation at July 31, 2008, and the results of its operations for the year then ended, in conformity with pronouncements of the Financial Accounting Standards Board.
Cindy CPA, CPA
September 23, 2008

Required: List and explain deficiencies and omissions in Cindy's report. Do not discuss the type of opinion (unqualified, qualified, adverse, or disclaimer). Organize your answer by paragraph (introductory, scope, explanatory, and opinion).