Company financial statement contain no material misstatement


Sally Thompson's company, Sally's Shoes is a successful shoe retail store with one store. Sally would like to expand to two locations, but the bank has asked for an independent audit before it will provide financing. Sally hires her brother-in-law, George Thompson, to perform the audit. George has experience in auditing non-profit organizations and he decides to perform the audit the same way as his other audits. After completing all the steps of the audit process, George issues an unqualified opinion that provides reasonable assurance that the company's financial statements contain no material misstatements. Comment on any potential problems with George's audit of Sally's Shoes.

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Accounting Basics: Company financial statement contain no material misstatement
Reference No:- TGS072711

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