For the year ended December 31, 19X8, Friday & Company, CPAs (Friday), audited the financial statements of
Question:
For the year ended December 31, 19X8, Friday \& Company, CPAs (Friday), audited the financial statements of Johnson Company and expressed an unqualified opinion on the balance sheet only. Friday did not observe the taking of the physical inventory as of December 31, 19X7, because that date was prior to their appointment as auditors. Friday was unable to satisfy themselves regarding inventory by means of other auditing procedures, so they did not express an opinion on the other basic financial statements that year.
For the year ended December 31, 19X9, Friday expressed an unqualified opinion on all the basic financial statements and satisfied themselves as to the consistent application of generally accepted accounting principles. The fieldwork was completed on March 11, 19X0; the partner-in-charge reviewed the working papers and signed the auditor's report on March 18, 19X0. The report on the comparative financial statements for 19X9 and 19X8 was delivered to Johnson on March 21, 19X0.
Required: Prepare Friday's auditor's report that was submitted to Johnson's board of directors on the 19X9 and 19X8 comparative financial statements.
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