The management of Onbeach Supply Company desires to include four years' financial statements in this year's annual report. R. Vaughn, CPA, has audited the financial statements of the current and immediately preceding year. However, another CPA audited the financial statements for the next preceding year, and the earliest year was unaudited.

Discuss and draft the audit report that Vaughn should issue, assuming that unqualified opinions were given in all of the audited years.