Over the past 10 years it has become quite common for an accounting firm to withdraw its opinion on a set of previously issued financial statements. Search the Internet to find a recent example of a company that has had to restate its financials and whose public accounting firm has withdrawn its opinion. Write a brief description of the reason for which the entity’s financial statements were restated, and write down the wording that the accounting firm used to indicate that its audit opinion was withdrawn.
Answer to relevant QuestionsDescribe what is meant when an auditor is “associated with” a set of financial statements.What are the auditor’s responsibilities for other information included in an entity’s annual report? The CPA firm of May & Marty has audited the consolidated financial statements of BGFI Corporation, a private company. May & Marty examined the parent company and all subsidiaries except for BGI- Western Corporation, which ...What entities are involved in establishing standards and rules for the professional conduct of public accountants? Who establishes such standards for auditors of public versus private companies? What is the purpose of a CPA firm’s establishing a system of quality control? List the six elements of quality control and provide one example of a policy or procedure that can be used to fulfill each element.
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