XYZ Company It is January 2024 and you are an Audit Associate assigned to the...
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XYZ Company It is January 2024 and you are an Audit Associate assigned to the 2023 audit of XYZ Company. XYZ Company is a closely held corporation managed by the founder and principal shareholder, Adam B. Clark. Your firm has audited XYZ Company for the last five years. The audited financial statements for the years ended December 31, 2022 and 2021 are presented below, with the client's unaudited financial statements for 2023. Additional Information: XYZ Company manufactures and sells mp3 players and travel alarm clocks. All sales are on credit to department stores and electronics wholesaling companies. Credit terms are net 30 days. XYZ Company offers a one-year warranty covering manufacturing defects. XYZ
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