AC 410 All Assignments
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years, has confidence in the management of the company, and makes a<br />
quick review of the current year’s financial statements, a qualified<br />
report may be issued.”<br />
Do you agree? Give reasons to support your answer.<br />
2–28<br />
Reed, CPA, accepted an engagement to audit the financial statements<br />
of Smith Company. Reed’s discussions with Smith’s new management<br />
and the predecessor auditor indicated the possibility that Smith’s<br />
financial statements may be misstated due to the possible occurrence<br />
of errors, fraud, and illegal acts.<br />
a. Identify and describe Reed’s responsibilities to detect Smith’s errors<br />
and fraud. Do not identify specific audit procedures.<br />
b. Describe Reed’s responsibilities to detect Smith’s material<br />
noncompliance with laws. Do not identify specific audit procedures.<br />
c. Identify and describe Reed’s responsibilities to report Smith’s<br />
noncompliance with laws.<br />
<strong>AC</strong> <strong>410</strong> Unit 10 Assignment<br />
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