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D.Prima,CPA,was engaged to review the unaudited financial statements of Rooster Restaurants,Inc.,a nonpublic company.During her review,Prima found that Rooster had not capitalized leases as required by GAAP.The result was so material that Prima modified the standard review report to state that "the financial statements are not in conformity with GAAP."
Required:
Discuss whether Prima 's report is in accordance with professional standards.If not,what should she have done under the circumstances? Explain.
Senescent
The process or condition of aging, associated with biological and functional declines in living organisms.
Terminal Period
The final stage of life, often referring to the time when an individual is facing death imminently, focusing on palliative care and end-of-life issues.
Primary Deterioration
Refers to the original or main worsening of a condition or situation, before any secondary effects or complications.
Gender Ratio
The proportional relationship between males and females in a given population.
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