Audit Report Modifications

1892 words - 8 pages

Board of Directors, Stockholders, Owners, and/or Management of
Keystone Computers & Networks, Inc

We have audited the accompanying balance sheet of Keystone Computers & Networks, Inc. (the “Company”) as of December 31, 20XX and the related statements of income, retained earnings, and cash flows for the year then ended. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit.
The major audit issue involved will be determining that the client has properly categorized costs between research and development (those costs involved in establishing ...view middle of the document...

Auditor’s name and address

KCN Analysis of Audit Strategy

| | | |
|Section |Purpose |Content |
| | | |
|OBJECTIVES OF THE ENGAGEMENT |To describe the services that are to be|The objectives are (1) audit of KCN's financial |
| |rendered to the client. |statements for the year ended 12/31/X5, and (2) |
| | |issuance of a letter on compliance with covenants of |
| | |the client's letter of credit agreement. |
| | | |
|BUSINESS AND INDUSTRY |To describe the nature of KCN's |KCN sells and services micro-computers, networking |
|CONDITIONS |business and industry. |hardware and software to business customers. The |
| | |industry is sensitive to economic conditions and very|
| | |competitive, with KCN competing with companies much |
| | |larger than itself. KCN’s long-term success depends |
| | |on its ability to attract and retain qualified |
| | |information technology personnel. The annual growth |
| | |in spending for information technology products and |
| | |services is expected to be 6% per year for the next |
| | |three years. |
| | | |
|PLANNING MEETINGS |To indicate meetings held with client |At this point, one meeting has been held with client |
| |and with CPA engagement team. |personnel and one with the engagement team. |
|OWNERSHIP AND MANAGEMENT |To describe the owners and management |KCN is privately owned by Terry Keystone, Mark |
| |of the company. ...

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