If a cpa fi rm completes a nonpublic company audit of adam

Reference no: EM13480063

If a CPA fi rm completes a nonpublic company audit of Adam Company's fi nancial statements following AICPA generally accepted auditing standards and is satisfi ed with the results of the audit, an unmodifi ed audit report may be issued. On the other hand, if no audit is performed of the current year's fi nancial statements, but the CPA fi rm has performed satisfactory audits in prior years, has confi dence in the management of the company, and makes a quick review of the current year's fi nancial statements, a qualifi ed report may be issued." Do you agree? Give reasons to support your answer.

Reference no: EM13480063

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