noved inc a public company engaged ora to inspect


Noved, Inc., a public company, engaged Ora to inspect its financial statements for the year ended 31st December, 2011. The financial statements of Noved, Inc., for the year ended 31st December, 2010, were examined by Jones, whose 30th March, 2011, auditor's report expressed an unqualified opinion. The report of Jones is not presented with the 2011-2010 comparative financial statements.
Rao's working papers contain the subsequent information that does not appear in footnotes to the 2011 financial statements as prepared by Noved, Inc.:

• One director, appointed in 2011, was previously a partner in Jones's accounting firm. Jones's firm provided financial consulting services to Noved during 2009 and 2008, for which Noved paid just about $1,600 and $9,000, correspondingly.

Evaluate how does above bullet point affect Ora's audit report to Noved's Board of Directors?

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Financial Accounting: noved inc a public company engaged ora to inspect
Reference No:- TGS0484154

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