Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. the following is the introductory paragraph, and t

The following is the introductory paragraph, and the Basis for Qualified Opinion paragraph for Fast...

60.1K

Verified Solution

Question

Accounting

The following is the introductory paragraph, and the Basis for Qualified Opinion paragraph for Fast Times Corporation, a nonpublic company.

Independent Auditor's Report

To the shareholders and the board of directors of Fast Times Corporation We have audited the accompanying balance sheet of Fast Times Corporation as of September 30, 2019, and the related statements of income, retained earnings, and cash flows for the year then ended, and the related notes to the financial statements. Basis for Qualified Opinion We were unable to obtain audited financial statements supporting the company's investment in a foreign affiliate stated at $1,040,000, or its equity in earnings of that affiliate of $501,000, which is included in net income, as described in Note 14 to the financial statements. Because of the nature of the company's records, we were unable to satisfy ourselves as to the carrying value of the investment or the equity in its earnings by means of other auditing procedures. Required: Prepare the opinion paragraph for the above audit report. Do not date or sign the report.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Physics
1.2K views

Q1 1 A Find the electric potential V x y z at point in cartesian...

Geometry
1.2K views

11 The numbers 1 15 are written on cards the cards are shuffled and one...

Basic Math
1.2K views

The current student population of New York City is 1700 If the population increases at...

Basic Math
1.2K views

Use the Laplace transform table and the linearity of the Laplace transform to determine the...

Basic Math
1.2K views

Answer parts a through c based on a study showing that late in the semester,...

Basic Math
1.2K views

Use the accompanying Venn diagram which shows the number of elements in region II to...

Calculus
1.2K views

The tank s base diameter is 40 m and a height of 10 m A...

Algebra
1.2K views

Consider the following f x 2x 7 a Write the formula for f x dx...

Accounting
1.2K views

Blueprint Problem I: Plantwide, Departmental, and ABC Overhead Cost Assignments Plantwide Overhead Rates Unit-based product...

Accounting
1.2K views

Sly can't believe his luck! He knew nothing about investments and his first share purchase...

Accounting
1.2K views

Net Sales =1800 Cogs Expense =700 Salary Expense =100 Rent Expense =200 Depri Expense =50...

Finance
1.2K views

haasim has saved $100000 and he is considering investing the money, his investor profile is...