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Your CPA firm has completed the fieldwork for the 2009 audit of Sharp Corporation, a private...

Your CPA firm has completed the fieldwork for the 2009 audit of Sharp Corporation, a private company with an October year-end. You were preparing to draft a standard, unqualified audit report when you discovered that the audit manager on the Sharp engagement owns 10 shares of Sharp's common stock. Prepare the appropriate report.

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Answer #1

We are not independent with respect to Sharp Corporation and accompanying Balance Sheet as on October 31, 2009 and related statements of income, retained earnings and cash flows for the year then ended were not audited by us. Accordingly, we do not express opinion on them.

(There is no report title when auditor issues disclaimer due to lack of independence.)

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