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You have been asked by your audit client Blue Water Ltd to make report that analyses the potential acquisition of Ocean Pty Ltd. As part of your analysis, you decide to verify the accuracy and completeness of Ocean's most recent cash flow statement. After reviewing a draft of your preliminary analysis, the chief financial officer (CFO) of Blue Water, Jill Symes, has asked you to focus your attention on Ocean's sales and profitability and to avoid the distraction of cash flow reporting. She suggests that the acquisition will provide substantial future financial benefits to Blue Water and that confusing the board with cash flow issues would not be helpful to the acquisition or to the likelihood of your being asked to undertake similar engagements in the future.
REQUIRED
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