Discussion Post: Audit Reports
Evaluate the following question: "If a CPA firm completes a non-public company audit of Adam Company's financial statements following IACPA generally accepted auditing standards and is satisfied with the results of an audit, an unmodified report may be issued. On the other hand, if no audit is performed of the current year's financial statements, but the CPA firm has performed satisfactory audits in prior years, has confidence in the management of the company, and makes a quick review of the current year's financial statements, a qualified report may be issued." Do you agree? Give reasons to support your answer. Do not forget to show the necessary steps and explain how you attained that outcome.
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.