Why are financial statements accompanied by notes

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Problem 1: The primary purpose of an audit is to discover fraud. True or false? Explain.

Problem 2: Who takes primary responsibility for audited financial statements issued to the public?

Problem 3: What is covered in the three paragraphs of the typical audit opinion letter?

Problem 4: In general, what are healthy signs in the cash flow statement?

Problem 5: Why are financial statements accompanied by notes?

Problem 6: What are the major classes of ratio analysis? What can we learn from each class?

Problem 7: What are the major elements of financial statement analysis?

Problem 8: What types of comparisons should be made with ratios?

Problem 9: What are some potential problems with ratios?

Reference no: EM132964338

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