... in which principles have not been consistently observed in the current period in relation to the preceding period. Since Holmes audit report did not mention anything about GAAP or include footnotes, an observer of the audit report would not know what applications were being applied. Another auditing standard states that informative disclosure in the financial staments is to be regarded as ... reasonably adequate unless otherwise stated in the report. The two students did not include footnotes in the report they conducted. Ray's financial statements should include footnotes as to which a...

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• Approx Pages: 5

... the balance sheet appear to fairly represent the results of revenue producing activities. The accounting practices at Wells Fargo are, in most analysts" opinions, solid. In addition, the notes and footnotes in the 2001 Wells Fargo Annual Report adequately explain their activities, policies, and risks. Upon review of their financial statements, one could conclude that the financial condition is healthy and ... ...

• Word Count: 1620
• Approx Pages: 6