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For the year ended December 31, 2010, Friday & Co. CPAs ("Friday"), audited the financial statements of Kim Company and expressed an unqualified opinion of the balance sheet only. Friday did not observe the taking of the physical inventory as of December 31, 2009, because that date was prior to its appointment as auditor. Friday was unable to satisfy itself regarding inventory by means of other auditing procedures, so it did not express an opinion on the other basic financial statements that year.

For the year ended December 31, 2011. Friday expressed an unqualified opinion on all the basic financial statements and satisfied itself as to the consistent application of generally accepted accounting principles. The fieldwork was completed on March 12, 2012; the partner-in-charge reviewed the working papers and signed the auditor's report on March 19, 2012. The report on the comparative financial statements for 2011 and 2010 was delivered to Kim on March 21, 2012.

Required:

Prepare Friday's audit report that was submitted to Kim's board of directors 2011 and 2010 comparative financial statements. Kim is a public company. Friday has conducted an audit of Kim's internal controls over financial reporting based on the COSO framework. No material weakness were identified.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M947549

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