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On March 12, 2019, Kristen & Valentine, CPAs, completed the audit of the financial statements...

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Accounting

On March 12, 2019, Kristen & Valentine, CPAs, completed the audit of the financial statements of Modern Museum, Inc., for the year ended December 31, 2018. Modern is a privately held company. Modern Museum presents comparative financial statements on a modified cash basis. Assets, liabilities, fund balances, support, revenues, and expenses are recognized when cash is received or disbursed, except that Modern includes a provision for depreciation of buildings and equipment. Kristen & Valentine believes that Moderns three financial statements, prepared in accordance with a basis of accounting other than generally accepted accounting principles, are adequate for Moderns needs and wishes to issue a special report on the financial statements. Kristen & Valentine has gathered sufficient competent evidence to be satisfied that the financial statements are fairly presented according to the modified cash basis. Kristen & Valentine audited Moderns 2017 financial statements and issued an auditors special report expressing an unmodified opinion.

Required:

Draft the audit report to accompany Moderns comparative financial statements.

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