The accounting firm of C.P. \& A. have examined the personal financial statements of Mr. and Mrs. People. There were no limitations on the auditor's examination, and no qualifications were made concerning the statements of assets and liabilities and the statements of changes in net assets. The firm issued the following report.

We have reviewed the balance sheet of Mr. and Mrs. People as of December \(31,19 \times 2\) and \(19 \times 1\), and the related statements of changes in financial position for the years then ended. Our review was made in accordance with standards promulgated by the AICPA, and accordingly, included such tests of the accounting records and such other procedures as we considered necessary in the circumstances.

Based on our review, we are not aware of any material modifications that should be made to the statements referred to above to make them present fairly the financial position of Mr. \& Mrs. People as of December 31, 19X2 and \(19 \times 1\) and the changes in net assets for the years then ended, in conformity with generally accepted accounting principles applied on a consistent basis.

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Indicate the errors in the auditor's report and the corrections you would make for each error. Organize your answers using the following format: (Do not write a corrected report.)

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Error Correction