Finding Text
Criteria – The inability to report financial data reliably in accordance with accounting principles generally accepted in the United States of (GAAP) is considered to be an internal control deficiency. Condition – The Company’s internal control over financial reporting extends through completion of the general ledger, but not to preparation of GAAP compliant financial statements and notes. As auditors, we were requested to draft the financial statements, and the accompanying notes to the financial statements. The auditors believe, in the auditors’ judgment, the Company does possess the necessary expertise to prepare the financial statements but has chosen to hire the auditors to perform this service