Question on audit report, Evaluate the extent to which this

Question on audit report

Reference no: EM1355165

The following audit report was rendered on the financial statements of the Town of Maywood:

We have audited the accompanying general purpose financial statements (but not the accompanying combining and individual fund statements and supplemental statistical data) of the Town of Maywood, (State), as of June 30, 20x1, and for the year then ended, as listed in the table of contents. In order to guarantee the accuracy of these statements we interviewed all responsible officials and reviewed the financial activities of the Town and its accounting procedures. Based on these audit procedures, we hereby certify the accuracy of the financial statements audited, and that they accurately represent the financial position of this Town, its results of operations, and its cash flows. Although we did not audit the combining and individual fund statements and supplemental statistical data, our review of this information indicates it is also accurate.

Our audit covered only the Town of Maywood and its financial statements. These statements do not include those of several organizations with which the Town has a statutory or financial relationship. The Town has concluded that inclusion of the financial information of these other organizations would cause the Town's financial statements to be misleading. We concur with this position.

Required:

Evaluate the extent to which this audit conforms to that required by generally accepted auditing standards (GAAS). What GAAS requirements have been omitted or otherwise not complied with?

Reference no: EM1355165

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