Adjustments. In Your Audit of Lomar Company for the Calendar Year

question 96

Essay

Adjustments.
In your audit of Lomar Company for the calendar year 2014, you find a number of items that you believe represent possible adjustments to the company's books. Management does not want to make any adjustments.
REQUIRED:
Assuming that Lomar is a public company describe how the adjustments might impact your audit report on internal control over financial reporting.

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Definitions:

Value Of Y

A representation of the numerical or computed value associated with the variable Y in an equation or function.

Conditional Operator

A ternary operator in programming that evaluates a condition and returns one of two values depending on whether the condition is true or false.

Arguments

Values passed to a function or method when it is called, which are used within the function to perform operations or calculations.

Switch Statement

A control statement in programming that allows the execution of different parts of code based on the value of a variable.