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We were unable to confirm or verify by alternative means accounts receivable included in the balance sheet at a total amount of XXX at December 31, 20X1.Īs a result of these matters, we were unable to determine whether any adjustments might have been found necessary in respect of recorded or unrecorded inventories and accounts receivable, and the elements making up the statements of income, changes in stockholders equity, and cash flows.Īccordingly, we do not express an opinion on these financial statements. In addition, the introduction of a new computerized accounts receivable system in September 20X1 resulted in numerous misstatements in accounts receivable.Īs of the date of our audit report, management was still in the process of rectifying the system deficiencies and correcting the misstatements.
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We were unable to satisfy ourselves by other auditing procedures concerning the inventory held at December 31, 20X1, which is stated in the balance sheet at XXX. The effects on the consolidated financial statements of the failure to consolidate have not been determined. Had XYZ Company been consolidated, many elements in the accompanying consolidated financial statements would have been materially affected.
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This investment is therefore accounted for on a cost basis by the Company.
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