ASH ACC 410 Week 1 DQ 2 Audit Reports .pdf
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ASH ACC 410 Week 1 DQ 2 Audit Reports
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Evaluate the following question: “If a CPA firm completes a nonpublic company audit of
Adam Company’s financial statements following IACPA generally accepted auditing
standards and is satisfied with the results of an audit, an unmodified report may be issued.
On the other hand, if no audit is performed of the current year’s financial statements, but
the CPA firm has performed satisfactory audits in prior years, has confidence in the
management of the company, and makes a quick review of the current year’s financial
statements, a qualified report may be issued.” Do you agree? Give reasons to support your
answer. Do not forget to show the necessary steps and explain how you attained that
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