On September 31, 20X1, White & Co., CPAs, was engaged to audit the consolidated financial statements of National Motors, Inc., for the year ended December 31, 20X1. The prior year con solidated financial statements of National had not been audited. National's inadequate inventory records precluded White from forming an opinion as to the proper or consistent application of generally accepted accounting principles to inventory balances on January 1, 20X1. Therefore, White decided not to express an opinion on the results of operations for the year ended December 31, 20X1. National decided not to present comparative financial statements.

Rapid Parts Company, a consolidated subsidiary of National, was audited for the year ended December 31, 20X1, by Green \& Co., CPAs. Green completed its fieldwork on February 28, 20X2, and submitted an unqualified opinion on Rapid's financial statements on March 7, \(20 X 2\). Rapid's statements reflect total assets and revenues of \(\$ 7,000,000\) and \(\$ 8,000,000\), respectively, of the consolidated totals of National. White decided not to assume responsibility for the work of Green. Green's report on Rapid does not accompany National's consolidated statements.

White completed its fieldwork on March 28, 20X2, and submitted its auditors' report to National on April 4, 20X2.

Required: 

Prepare White & Company's auditors' report on the consolidated financial statements of National Motors, Inc.