Question

Upton Industries, a public company, prepared a comprehensive interim financial report covering the first two quarters of their fiscal year 2011, which ends December 31. Upton management engaged Jamison, CPAs, to perform a review, and the following review report was published with the interim financial statements:
To the Board of Directors of Upton Industries:
In accordance with generally accepted auditing standards, we have made a review of the interim balance sheet of Upton Industries as of June 30, 2011, and of the interim statements of operations and changes in financial position for the three month and six month periods then ended.
Based on this review, we are not aware of any material modifications that should be made to the accompanying interim financial statements for them to be in conformity with GAAP.
Signed,
Jamison CPAs
July 14, 2011

Required:
Based on this information and without rewriting the report, identify the deficiencies in the report and how they should be corrected.



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  • CreatedJanuary 21, 2015
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