The financial statements of noved inc. for the year ended, Ask an Expert

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Noved, Inc., a public company, engaged Ora to examine its financial statements for the year ended December 31, 2011. The financial statements of Noved, Inc., for the year ended December 31, 2010, were examined by Jones, whose March 30, 2011, auditor's report expressed an unqualified opinion. The report of Jones is not presented with the 2011-2010 comparative financial statements.

Rao's working papers contain the following information that does not appear in footnotes to the 2011 financial statements as prepared by Noved, Inc.:

One director, appointed in 2011, was formerly a partner in Jones's accounting firm. Jones's firm provided financial consulting services to Noved during 2009 and 2008, for which Noved paid approximately $1,600 and $9,000, respectively.

How does the above bullet point affect Ora's audit report to Noved's Board of Directors?

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Accounting Basics, Accounting

Category:- Accounting Basics
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